Business
UniCredit to Lift Commerzbank Stake to 42.5% After Initial Offer Period
Italy’s UniCredit UCG 0.46%increase; up pointing triangle said it secured control over 42.5% of Commerzbank CBK 0.70%increase; up pointing triangle after the close of an initial offer period, and plans to reopen its takeover bid for another two weeks.
UniCredit received valid acceptances representing a 12.51% stake in Commerzbank at the end of its initial offer period earlier this week, the Italian bank said Friday. This takes UniCredit’s stake in Commerzbank to 42.5% when added to the direct stake of 26.77% it already owned and the 3.22% held through financial contracts for which it can demand delivery of shares, it added.
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