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# UniCredit lifts combined Commerzbank position to 47.59% after final tender-offer results
- URL: https://www.theglobalbanker.com/unicredit-commerzbank-47-59-percent-tender-offer-final-results/
- Published: 2026-07-08T12:18:00.000Z
- Updated: 2026-10-02T00:30:08.000Z
- Description: UniCredit's voluntary tender offer for Commerzbank attracted 17.60% of shares, lifting its combined position to 47.59% of share capital, the Italian bank said.
- Author: TGB Editorial Team
- Tags: M&A, Europe

UniCredit S.p.A. has announced the final results of its voluntary takeover offer for Commerzbank AG, saying that shares equivalent to 17.60% of Commerzbank's outstanding share capital were tendered. Together with its directly held 26.77% stake and financial instruments conferring the right to demand physical delivery of a further 3.22%, this adds up to 47.59% of Commerzbank's share capital, UniCredit said on 8 July 2026.

Because Commerzbank treasury shares cannot be voted, the combined position represents 49.65% of voting rights; UniCredit said its share-capital stake would rise to that level once Commerzbank cancels its treasury shares, as it has committed to do. UniCredit said completion of the tender offer periods was a further step in executing its strategic investment in Commerzbank and that it continues to seek to engage constructively with all relevant stakeholders while pursuing the necessary regulatory and supervisory processes.

#### COMPOSITION OF THE COMBINED POSITION

The 47.59% total is made up of a direct holding of 26.77% of Commerzbank's share capital, tendered shares of 17.60%, and financial instruments with physical delivery rights equivalent to a further 3.22%. 

UniCredit said the 17.60% take-up was well ahead of original expectations. 

On a voting-rights basis, the position already stands at 49.65%, because treasury shares cannot be voted — just short of an absolute majority of voting rights. 

#### REGULATORY PROCESS AHEAD

UniCredit said it continues to pursue the required regulatory and supervisory processes.