UniCredit raises stake in Commerzbank above 34% amid regulatory dispute

UniCredit has increased its holding in Germany's Commerzbank to more than 34% of the bank's shares, surpassing the 30% threshold that would normally trigger a mandatory takeover offer. The Italian lender now controls a direct stake of roughly 26.8%, with an additional pledged portion of about 7.6%, bringing the total to around 34.35%.

Commerzbank has challenged UniCredit's recent disclosures, alleging that the figures were misleading and that the bank’s share‑pledge and derivative positions obscure the true economic exposure. The German bank reports that only about 0.05% of the pledged shares can be linked to private investors, and it has asked the Federal Financial Supervisory Authority (BaFin) to examine the matter. UniCredit has responded by rejecting the accusations, stating that the facts remain unchanged and that it may still acquire up to an additional 3.22% of shares through options before the offer deadline on 3 July.