Overview
- Partial offer disclosures after the first acceptance period that closed on June 16 show UniCredit holds about 39% of Commerzbank shares and claims total exposure above 50% when including derivatives and convertibles.
- Commerzbank and its works council have filed complaints that UniCredit’s acceptance figures are misleading while UniCredit denies wrongdoing and has asked BaFin to review the matter.
- The Frankfurt public prosecutor opened a preliminary investigation into possible market manipulation related to the exchange offer, a development that adds criminal-procedure scrutiny to the regulatory review.
- The German federal government has publicly rejected the offer, citing insufficient premium and the bank’s strategic role for Mittelstand lending and jobs, and Berlin’s stance complicates any deal even if shareholder acceptances rise during the supplementary period from June 20 to July 3.
- Final results are due July 8 and UniCredit would still need ECB approval to exceed the 29.9% regulatory threshold, so investor choices in the supplementary window and regulator findings will decide whether a full takeover and governance changes move forward.