Commerzbank shares tendered in UniCredit takeover bid inch up
UniCredit's Takeover Bid for Commerzbank: Latest Developments
By Tom Sims and Alexander Hübner
Uptick in Tendered Shares
FRANKFURT, June 19 (Reuters) - UniCredit on Friday reported an uptick in Commerzbank shares tendered in its takeover bid, while the German bank once again called on investors to reject the offer, prolonging a months-long battle between the two lenders
UniCredit said investors had so far tendered Commerzbank shares representing 12.51% of the German bank's capital in its bid, up from 12.41% reported on Tuesday.
Initial Offer Period and Ongoing Struggle
Its initial offer period for Commerzbank shares ended on Tuesday, and both banks have been digging in their heels in the struggle for control of one of Germany's most important lenders.
Commerzbank's Response
Management's Recommendation
Commerzbank said on Friday its management and supervisory boards "continue to stand fully behind their joint recommendation to shareholders not to tender their shares".
Potential for Negotiations
The German bank added that it would be open to talk if UniCredit showed "genuine willingness... to seriously engage" on issues including an improved offer price.
UniCredit's Stake and Legal Disclosure
Updated Take-up Figures
The updated take-up figure from UniCredit came in a disclosure required by law after the bank launched a takeover bid on May 5, saying it did not aim for control but only wanted to nudge its stake above 30%.
Breakdown of UniCredit's Holdings
The slight increase in tendered shares brings UniCredit's overall holding to 42.5%, including a 26.77% equity stake it had previously built and another 3.22% in share-settled derivatives.
Next Steps and Timeline
While the offer officially ended, investors have an additional two weeks between June 20 and July 3 to tender. The final outcome will be released on July 8.
(Reporting by Tom Sims, Editing by Friederike Heine, Louise Heavens and Jan Harvey)
