Overview
- The Commerzbank Gesamtbetriebsrat voted on Friday to instruct its chair to file a Strafanzeige for suspected market manipulation and misleading the market under WpHG §§119–120.
- Commerzbank has alerted BaFin after finding that most early tendered shares appear to come from banks and parties linked to UniCredit rather than independent institutional investors.
- UniCredit says it acted within legal rules and is cooperating with BaFin while reporting roughly 11.2% of Commerzbank shares tendered, which together with prior holdings and options would imply about a 37% stake.
- Commerzbank and labour representatives allege the tenders may be tied to securities lending or derivative structures that can create the appearance of independent share supply.
- If prosecutors open a formal probe, the investigation could bind resources, change investor behaviour and delay the offer process that currently runs to 16 June with a possible extension to 3 July.