UniCredit to strengthen stake in Commerzbank to 30% laying groundwork for potential takeover

UniCredit has launched an offer to build its stake in Commerzbank above 30%, a key regulatory threshold if the lender is to launch a full takeover bid

The Milan-headquartered UniCredit already holds a 28% stake in Commerzbank, comprising about 26.04% in shares.

The deal is expected to involve an offer exchange ratio of 0.485 shares of UniCredit per share of Commerzbank, implying a 30.80 euro price per Commerzbank share, or a 4% premium.

The offer is expected to formally launch at the start of May, with UniCredit set to hold an Extraordinary General Meeting on May 4 to seek authorization for the related capital increase. 

The German government holds about 12.72% of Commerzbank shares. BlackRock is the third biggest shareholder, with 5.73%, with Norges Bank Investment Management holding 3.14%.

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