Frankfurt, Germany – German financial institution Commerzbank (CBKG.DE) disclosed on Thursday that a significantly low proportion of its institutional investors, just slightly more than one per cent, have tendered their shares in response to UniCredit’s (CRDI.MI) ongoing takeover offer. This announcement adds a new dimension to the prolonged battle for control between the two prominent European banking giants. Both Commerzbank and UniCredit operate as significant financial institutions, offering a comprehensive suite of banking and financial services across Europe.
The Frankfurt-based bank stated it published these detailed figures with the aim of increasing transparency and directly countering what it termed “conflicting statements made by UniCredit.” According to the breakdown provided by Commerzbank, institutional investors have tendered 1.29 per cent of shares. This figure contributes to the overall 12.51 per cent of tendered shares, which also includes 0.05 per cent from retail investors and a notable 11.17 per cent tendered by other banks.
Commerzbank’s disclosure strongly suggests the shareholder structure has seen minimal alteration despite UniCredit’s advances. The German lender explicitly stated that its “shareholder structure remains largely unchanged,” implying the majority of its ownership base has not opted to tender shares. This low uptake from key institutional shareholders, specifically highlighted by Commerzbank, presents a notable challenge for UniCredit’s attempts to acquire a controlling stake, with the strategic contest having unfolded over several months.
