UniCredit now owns almost half of Commerzbank after tender offer

(Sharecast News) - Italian lender UniCredit now owns nearly half of German peer Commerzbank after securing a further substantial shareholding via a tender offer on Wednesday. UniCredit announced that shares representing 17.6% of Commerzbank's outstanding share capital were tendered, which it said was well ahead of original expectations.

In addition to its direct stake of 26.77% and the financial instruments worth a further 3.22%, it now holds a 47.59% shareholding in Commerzbank.

Once Commerzbank cancels its treasury shares, which it is expected to do, UniCredit will own 49.65% of the company.

UniCredit has been systematically increasing its stake after an all-share takeover offer in March was rebuffed by Commerzbank's board and the German government, which is its second-largest shareholder.

"The completion of the tender offer periods represents a further step in the execution of UniCredit's strategic investment in Commerzbank," the Italian bank said in a statement.

"UniCredit continues to seek to engage constructively with all relevant stakeholders while pursuing the necessary regulatory and supervisory processes in relation to its investment."

Commerzbank said in a statement that its board remains open to a "constructive dialogue" with UniCredit.

"In Commerzbank's view, realising synergies from a combination to a meaningful extent and within a reasonable timeframe is only realistic through a consensual solution that involves the Bank's management, employees, and their representatives, as well as the German federal government as second-largest shareholder," Commerzbank said.

Commerzbank shares were down 0.5% at €38.08 by 1452 BST, while UniCredit fell 2.6% to €80.11.