Commerzbank said institutional investors tendered 1.29% of its shares in UniCredit's takeover offer, with total acceptances reaching 12.51%. The update marks a shift from June 10, when the German lender said no institutional investors had been identified tendering shares.
Commerzbank said institutional investors tendered 1.29% of its shares in UniCredit's takeover offer, bringing total acceptances to 12.51% after the initial offer period closed.
"Institutional investors don't like the offer because it is at a discount," Bettina Orlopp, chief executive of Commerzbank, said earlier this month.
Banks tendered 11.17% of shares and retail investors 0.05%, the German lender said in a statement. The total matches UniCredit's disclosure last week. On June 10, Commerzbank said it could not identify a single institutional investor that had tendered shares.
The modest institutional uptake could shift dynamics as UniCredit pursues one of the most consequential cross-border banking mergers in Europe. The Italian lender's offer, structured at a discount to Commerzbank's undisturbed price, now faces a critical window as the extended tender deadline approaches. A successful combination would create a banking powerhouse with a combined market capitalization exceeding 60 billion euros, reshaping the competitive environment across Germany and Italy.
UniCredit first disclosed its stake in Commerzbank in September 2024, drawing political resistance in Berlin over foreign ownership of a lender that remains a key financier to German mid-cap companies. The German government, which still holds a residual stake from the 2008 financial crisis bailout, has expressed reservations about the deal's structure and terms.
This article is for informational purposes only and does not constitute investment advice.
