UniCredit seeks to raise Commerzbank stake to 30% with share-swap offer

ISTANBUL

Italy’s UniCredit has launched an offer to increase its stake in Germany’s Commerzbank to above 30%, a key regulatory threshold that could lay the groundwork for a potential takeover bid of the German lender, according to an announcement by UniCredit on Monday.

The Milan-based bank currently holds a 28% stake in Commerzbank, including approximately 26.04% through direct share ownership.

The proposed deal is expected to involve an exchange ratio of 0.485 UniCredit shares for each Commerzbank share. Based on current valuations, the offer implies a price of about 30.8 euros ($35.2) per Commerzbank share, representing roughly a 4% premium.

UniCredit is expected to formally launch the offer at the beginning of May. The bank plans to hold an Extraordinary General Meeting on May 4 to seek shareholder authorization for the capital increase required to complete the share exchange.

The German government remains one of the largest shareholders in Commerzbank, holding about 12.72% of the bank’s shares. Asset manager BlackRock is the third-largest shareholder with a 5.73% stake, while Norges Bank Investment Management, Norway’s sovereign wealth fund manager, holds about 3.14%.

If successful, the move would strengthen UniCredit’s position in Germany and could mark one of the most significant consolidation steps in Europe’s banking sector in recent years.

• Commerzbank
• exchange offer
• Germany
• Italy
• stake
• UniCredit