UniCredit lifts combined Commerzbank position to 47.59% after final tender-offer results

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.