UniCredit lifts Commerzbank stake to 42% as bid nears completion

UniCredit’s voluntary €40 billion buyout offer for German lender Commerzbank has concluded its main tender period. An initial take‑up of 12.41% of Commerzbank’s capital brings UniCredit’s total holding to 42.4%, comprising its pre‑existing 26.77% equity stake, 3.22% in share‑settled derivatives and the newly tendered shares. The German government, a major shareholder, reiterated its opposition and formally rejected the bid.

Shareholders have an additional tender window from 20 June to 3 July, after which the final outcome will be published on 8 July. UniCredit aims to exceed the 30% mandatory bid threshold and eventually achieve majority control, pending European Central Bank authorisation expected in the third quarter. The bank foresees a multi‑year integration of Commerzbank into its German unit, with decisions pending on the combined entity’s headquarters and management structure.