UniCredit has lifted its directly held stake in Commerzbank to 34.4% through the takeover offer it began on May 5, a move that has faced broad opposition in Germany.
Weekly figures published by UniCredit under German takeover rules show that shareholders have so far tendered stock equal to 7.6% of Commerzbank’s capital.
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The offer remains open until June 16 and is currently below the market price.
Large investors often hold off until the closing days of the acceptance period before deciding whether to tender.
UniCredit has previously said the voluntary share exchange was designed to move its holding from 27% to just above the 30% level that triggers a mandatory takeover threshold, enabling it to purchase additional Commerzbank shares on the market afterwards.
Alongside the shares it owns directly, UniCredit also has derivatives linked to 16.4% of Commerzbank’s share capital.
The bank said most of those instruments can only be settled in cash, giving it scope to reduce its eventual holding if necessary.
When some share-settled derivatives are included, UniCredit’s overall holding in Commerzbank amounts to 37.6%.
A spokesperson for Germany’s finance ministry said the government had taken note of the latest developments and that its stance had not changed.
Germany still holds 12% of Commerzbank and has described UniCredit’s approach as hostile.
Chief executive Andrea Orcel is under pressure to secure a transaction after stepping back from several earlier takeover efforts since taking charge in 2021.
He has said UniCredit must meet certain return requirements and avoid a situation in which regulators conclude that the bank controls Commerzbank without holding a majority stake.
Under the terms of the offer, UniCredit is proposing 0.458 new UniCredit shares for each Commerzbank share tendered.
Using Monday’s closing price of €73.72 for UniCredit stock, the offer values Commerzbank at €35.75 per share, compared with Commerzbank’s Monday close of €37.
“UniCredit views the strength of the early tender response as reflective of the inherent value that investors are recognizing in UniCredit’s takeover offer,” the bank said.
“Investors have additional time to consider both the relative value offered in the exchange of Commerzbank shares for UniCredit shares and the incremental value potential from a combination.”
