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# UniCredit wins support for Commerzbank takeover using Andrea Orcel’s tender tactics
- URL: https://www.theglobalbanker.com/unicredit-won-support-for-commerzbank-takeover-using-andrea-orcels-tender-tactics/
- Published: 2026-06-15T07:14:18.000Z
- Updated: 2026-10-02T10:06:59.000Z
- Description: FT reported that UniCredit won shareholder support for its lowball bid for Commerzbank after employing tender offer tactics devised by chief executive Andrea Orcel in a 21-month takeover battle.
- Author: TGB Editorial Team
- Tags: M&A, Europe

UniCredit won shareholder support for its lowball offer for Commerzbank after using tender offer tactics devised by chief executive Andrea Orcel, the Financial Times reported, representing the latest development in a 21-month takeover battle.

#### TACTICS AND TIMING

The FT described a strategy centred on a tender offer that aimed to secure shareholder support despite characterisations of the proposal as a lowball bid. 

UniCredit offered 0.485 of its own shares for each Commerzbank share, a ratio that implied a value more than €2 below Commerzbank's share price of €36.80, finews reported on 10 June. 

#### STAKE POSITION

By 9 June, UniCredit said acceptances had lifted its total position in Commerzbank to about 37.7%, or 40.9% including derivatives that can be settled in shares; the acceptance period was due to end on 16 June.

**Sources:** [FT Financial Services](https://www.ft.com/content/ba1f26e3-365f-44a9-978b-70dbf8985212)