(Alliance News) - UniCredit Spa said Wednesday that, following its voluntary public tender offer for Commerzbank AG, shares representing 17.6% of the German lender's share capital were tendered, 'an outcome well beyond initial expectations', as executives at Piazza Gae Aulenti explained.

That stake, combined with its directly held 26.8% holding and financial instruments that grant the right to request physical delivery of a 3.2% stake, brings UniCredit's overall position to 47.6% of Commerzbank's capital.

The 47.6% position corresponds to 49.7% of Commerzbank's voting rights, since treasury shares do not carry voting rights. The percentage will in any case rise to that level once Commerzbank has completed the cancellation of its treasury shares, a step the bank has committed to carry out.

'The conclusion of the tender offer periods represents a further step forward in executing UniCredit's strategic investment in Commerzbank. UniCredit will continue to seek constructive dialogue with all stakeholders, while at the same time progressing the necessary regulatory and authorization processes connected to its investment,' UniCredit said.

UniCredit shares are down 1.3% at €81.15 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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