UniCredit: acceptance rate for the public offer for Commerzbank remains stable at 11.91 per cent; the first phase closes tomorrow
Take-up of UniCredit’s public exchange offer for Commerzbank remains largely unchanged, with a total potential exposure of 55.09 per cent across shares and derivatives
Potential exposure to derivatives: 55.09%
Subscriptions to the public offer by UniCredit for Commerzbank remained largely unchanged on the penultimate day of the offer, ahead of the two-week ‘extended period’ provided for under German law. According to the latest update, the shares tendered represent 11.91% of the share capital (up from 11.86% on Friday) and 12.42% of the voting rights, taking into account the German bank’s own shares (up from 12.37%). The other holdings remain unchanged: in addition to the 26.77% already held (27.93% of voting rights), there is a 3.22% stake (3.36% of voting rights) via a physically settled derivative and a 13.19% stake (13.76% of voting rights) linked to derivatives settled solely in cash. The total potential stake therefore amounts to 55.09% of the share capital (57.47% of voting rights). Taking into account only the physical shares held and acceptances of the public offer, the stake stands at 38.68%; adding the physically settled derivative brings this to 41.9%. UniCredit’s objective was to exceed 30% of Commerzbank’s share capital.
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