UniCredit secured a 47.6% stake in Commerzbank following the completion of its tender offer. This holding provides the Italian lender with 49.65% of voting rights, granting de facto control over its German rival.
CEO Andrea Orcel is now positioned to pursue a full takeover of the bank. The move advances a process initiated in 2024 despite opposition from Commerzbank management and the German government.
Commerzbank reported that acceptance rates among independent shareholders remained low. Most tendered shares originated from banks and parties already connected to UniCredit.