UniCredit over 50% of Commerz

From Germany come updates of the subscriptions to the takeover bid launched by UniCredit on Commerzbank and the result certifies the Italian bank's grip on the German one.

In particular, subscriptions jumped to 7.58% and this acceleration brings the Andrea Orcel-led institution to a potential share of more than 50% of the German bank's capital (precisely 50.76%). There are two 'packages' of shares and derivatives that have risen since the last update provided by UniCredit. The first one concerns the shares handed over to the exchange offer, which, at today's trading session, as mentioned, have risen to 7.58% of Commerzbank's capital (previously they stood at just over 1%). Added to these acceptances are 26.77% of direct Commerzbank shares (identical share), plus a further 3.22% in share-adjustable derivatives (also no change here). Where the percentage rises, however, is for UniCredit's share in derivatives (adjustable only in cash), which has risen to 13.19% (from 10.7%). The total gives Orcel, at least in theory, an absolute majority in the German bank.

Unicredit 'has achieved the target set at the launch of the offer, i.e. exceeding the 30 per cent threshold, aimed at ensuring certainty on its shareholding and preserving flexibility for possible acquisitions of further stakes at a later stage, should market opportunities arise'. This was stated by the bank after the updates on the takeover bid for Commerzbank. Unicredit recalls that so far with the public exchange offer, 'shares representing approximately 7.6 per cent of Commerzbank's share capital have been contributed. This, in combination with the direct participation (26.8%) and the physically settled instruments (3.2%), brings the total participation to 34.4% and 37.6% respectively, thus exceeding the threshold of 30% + 1 share that UniCredit had set itself to reach with the offer," adds a note from the bank led by Andrea Orcel.