Announcement
UniCredit S.p.A. announced that it now holds 47.6% of the share capital of Germany’s Commerzbank AG following the successful completion of its tender offer, which closed earlier in July 2026.
Background and Tender Mechanics
The Italian bank initially accumulated a 26.7% stake in Commerzbank beginning in September 2024. In May 2026 UniCredit launched a public tender offer with the explicit aim of raising its holding above the 30% threshold that would trigger mandatory buy‑out provisions under German takeover law, thereby allowing further purchases on the open market without compulsory full acquisition.
Tender Offer Results
Holders of Commerzbank shares tendered 17.6% of the outstanding equity to UniCredit, an increase from 12.5% after a two‑week extension of the tender period that was required by German takeover regulations. The acceptance of the extended offer enabled UniCredit to reach the 47.6% ownership level reported.
Intentions
At the time of the May tender, UniCredit stated that it was not seeking to obtain control of Commerzbank, and the current holding remains below the 50% control threshold.