UniCredit raises Commerzbank stake above one third as voluntary exchange offer crosses thirty threshold ahead of June 16 deadline
UniCredit said Monday its voluntary tender offer for Commerzbank crossed the 30 percent threshold, lifting its stake from 26.77 to 34.35 percent with 7.58 percent of share capital tendered. The all-share offer of 0.485 UniCredit shares per Commerzbank share runs until June 16.
UniCredit confirmed on Monday that its voluntary tender offer for Commerzbank has crossed the strategically significant 30 percent threshold, with shares representing 7.58 percent of Commerzbank's share capital tendered during the acceptance period that opened on May 5. Combined with its existing 26.77 percent direct shareholding, the Milan-based bank's stake now stands at 34.35 percent of share capital. According to Bloomberg and Yahoo Finance, including physically settled financial instruments granting access to additional shares, the aggregate exposure reaches roughly 37.6 percent. By exceeding 30 percent via a voluntary offer rather than crossing the threshold through market purchases, UniCredit avoids triggering a mandatory takeover bid for all remaining Commerzbank shares at a higher cash price, opening a path to gradually accumulate further shares on the open market. The exchange ratio of 0.485 UniCredit shares for each Commerzbank share is currently at a discount to Commerzbank's market price. The acceptance period runs until June 16 and can be extended to July 3.