UniCredit: Commerzbank shares tendered in exchange offer approach 12%

(Alliance News) : UniCredit Spa announced Friday that, as of 2:00 PM CEST on June 12, 133.8m shares have been tendered to its public exchange offer for Commerzbank AG. This figure represents 11.9% of the German bank's share capital and voting rights, and 12.4% of voting rights when excluding treasury shares.

The offer, originally announced on May 5, provides for the exchange of 0.485 new UniCredit shares for every Commerzbank share tendered. The offer period will remain open until June 16, subject to any extensions permitted under German law.

UniCredit directly holds 301.9m Commerzbank shares, corresponding to 26.8% of the capital and 27.9% of the voting rights.

The bank, led by CEO Andrea Orcel, further stated that it holds financial instruments related to total return swaps covering 36.3m voting rights, or 3.2% of the capital, along with additional cash-settled instruments linked to 148.7m voting rights, equivalent to 13.2% of the capital.

These instruments do not grant voting rights or the right to demand the physical transfer of Commerzbank shares.

UniCredit finally specified that over 98% of its total exposure to Commerzbank is hedged through risk management instruments, including put options, call options, collars, and total return swaps with various maturities.

UniCredit shares rose 4.0% to €73.23 per share, while Commerzbank shares climbed 2.4% to €36.78.

By Antonio Di Giorgio, Alliance News reporter

Comments and questions to [e-mail]

Copyright 2026 Alliance News IS Italian Service Ltd. All rights reserved.