(Alliance News) - UniCredit Spa announced on Tuesday that, as of 1400 CEST, 66,724 shares had been tendered in its public exchange offer for Commerzbank, representing less than 0.1% of the German bank's share capital and voting rights.
As of the same date, the institution led by Andrea Orcel held a total of nearly 301.9 million Commerzbank shares, corresponding to approximately 27% of the share capital and voting rights, and roughly 28% of voting rights excluding treasury shares held by Commerzbank.
UniCredit further stated that it holds financial instruments linked to total return swaps relating to 36.3 million Commerzbank voting rights, or approximately 3.2% of the share capital, in addition to further derivative instruments covering 76 million voting rights, equivalent to approximately 6.7% of the German bank's share capital.
The public exchange offer provides for a consideration of 0.485 new UniCredit shares for every Commerzbank share tendered. The acceptance period is scheduled to end on June 16, subject to any extensions provided for under German law.
UniCredit shares were trading down 0.6% at EUR70.31 per share.
By Antonio Di Giorgio, Alliance News reporter
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