UniCredit nears 40% stake in Germany's Commerzbank after tender offer

Italian bank UniCredit has amassed roughly 12.5% of Commerzbank shares through its tender offer, bringing its total holding to around 39‑42% of the German lender’s voting rights. The offer, opened on 5 May, exchanges 0.485 UniCredit shares for each Commerzbank share and includes no premium. UniCredit already owned about 26.8% before the offer and secured additional shares via contracts, allowing the combined stake to potentially rise to over 44% after Commerzbank’s planned share buy‑back. The acceptance period was extended to 3 July. Both Commerzbank’s management and the German government, which retains a 12% state stake, have rejected the bid, arguing it undervalues the bank. UniCredit says the transaction may take months to complete, with settlement expected in the first half of 2027.