UniCredit's bid for Commerzbank stalls as only 12.5% of shares tendered

UniCredit has been pursuing a takeover of Germany's second‑largest private bank, Commerzbank, offering 0.485 of its own shares for each Commerzbank share. The tender offer, extended to early July, has attracted only 12.51% of the shares submitted, far below the level needed to secure control.

Commerzbank chief Bettina Orlopp sent a letter to shareholders urging them to reject UniCredit's proposal, arguing that the price provides no adequate premium and that the bank's value remains untapped. The German government, which holds about 12% of Commerzbank, also signals opposition and does not plan to sell its stake. UniCredit hopes to reach roughly 40% ownership through a mix of direct share holdings, tendered shares and derivatives.

Market reaction has been negative for UniCredit, whose shares fell about 1.4% on the day of the report and are down roughly 3.6% over the week. Analysts note that the low acceptance reflects concerns over the offer price, integration plans and the strategic benefit of the deal.