Overview
- UniCredit reiterated on Monday that about 11 percent of Commerzbank shares have been tendered and that those deliveries would lift its stake to roughly 37 percent when converted, and it said additional purchase options and instruments further increase its exposure.
- Commerzbank has formally complained to Germany’s regulator BaFin and publicly questioned whether many tendered shares came from banks that have derivative ties to UniCredit rather than from independent investors.
- UniCredit disclosed that it used derivative trades with banks to hedge its Commerzbank exposure and rejected Commerzbank’s suggestion that those positions relied on borrowed shares, saying delivered shares are irrevocably bound.
- UniCredit warned it could seek to change Commerzbank’s supervisory board through shareholder votes at the annual meeting and thereby influence the appointment or removal of the executive board, a move that Commerzbank CEO Bettina Orlopp called ‘remarkable’ and said had caused irritation.
- The contest remains live through the takeover window that can run into early July, and the dispute between the banks plus BaFin review has heightened uncertainty for shareholders, staff and customers while markets watch for whether further disclosures or legal findings will alter support for the offer.