UniCredit says Commerzbank bid take-up at 10.91% lifting stake to 37.7%
UniCredit's Hostile Buyout Offer and Stake Increase
Recent Developments in UniCredit's Commerzbank Takeover Bid
BERLIN, June 9 (Reuters) - UniCredit said in a filing Commerzbank shares tendered under its hostile buyout offer for the German rival rose to 10.9% over the past week, lifting the Italian bank's total holding to 37.7%.
Breakdown of UniCredit's Shareholding and Derivatives
UniCredit's direct shareholding combined with tendered shares stands at 40.9% when including derivatives that can be settled by delivering shares. UniCredit also holds cash-settled derivatives.
Thresholds and Offer Conditions
Both figures exceed the 30% threshold UniCredit set out to achieve with its offer, the lender said in a statement.
Commerzbank's Response and Disputes Over Data
Acceptance Figures and Disagreements
Commerzbank at the end of last week provided an acceptance figure of 7.85% of its capital for UniCredit's €40 billion all-share takeover bid.
UniCredit and Commerzbank have traded barbs over the accuracy of the take-up data, with Commerzbank saying the shares tendered so far did not indicate actual investor support for the bid, because they came from banks which, in many cases, were also derivatives counterparties to UniCredit.
Statements from UniCredit and Commerzbank Leadership
The Italian lender said in a separate statement on Tuesday Commerzbank leadership was fully entitled to recommend against UniCredit's takeover offer.
"However, it is not entitled to undermine the integrity of the offer process by making unsubstantiated allegations that UniCredit's statutory disclosures are misleading, artificially inflated or otherwise unduly interfering with the offer process," the Italian lender said.
Regulatory Scrutiny and Market Reactions
Commerzbank's Investigation and Regulatory Involvement
Commerzbank has been investigating the acceptance data and asked German regulator BaFin to do the same, saying it made no economic sense for investors to tender when the exchange offer's implied value is below market prices.
Market Strategies and CEO Commentary
It would be more rational to sell Commerzbank shares on the market and buy UniCredit stock, CEO Bettina Orlopp said.
UniCredit's Defense of Disclosure Practices
UniCredit said its disclosure was in line with regulation and could not be considered misleading.
"Any insinuation that UniCredit willfully conflated disclosure categories to artificially inflate perceived tender support for its takeover offer is without factual or legal foundation," UniCredit said.
Disclosure of Derivatives and Risk Management
UniCredit added a section to this week's disclosure filing to say any other derivatives it held were to hedge downside risks on its position in Commerzbank.
(Reporting by Maria Martinez and Valentina Za; Editing by Joe Bavier)
