UniCredit said it has raised its overall holding in Commerzbank to 42.5% following the end of the first acceptance period for its offer and will open the bid again for a further two weeks.
The Italian lender said it received valid acceptances equal to 12.51% of Commerzbank shares by the close of the initial offer period earlier this week.
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Combined with the 26.77% stake it already held directly and a further 3.22% linked to financial contracts that can be settled with share delivery, UniCredit said its position now totals 42.5%.
The bid will be reopened for Commerzbank investors from 20 June until 3 July, according to UniCredit.
The result of the first offer period brings CEO Andrea Orcel nearer to his long-running attempt to increase UniCredit’s position in the German bank.
Earlier this month, German federal authorities rejected UniCredit’s proposal to exchange shares for a stake in Commerzbank, restating their opposition to a transaction involving the two lenders.
That decision was made by the interministerial steering committee of the Financial Market Stabilisation Fund, which is responsible for major decisions concerning the fund.
The government said the proposal was not acceptable on financial grounds because it did not provide a sufficient premium to Commerzbank’s market price at the time.
Officials also repeated their backing for Commerzbank to remain independent and criticised UniCredit’s approach.
They said Commerzbank plays an important role in financing companies in Germany, especially the country’s medium-sized corporate sector.
