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(Sharecast News) - Italian lender UniCredit now owns nearly half of German peer Commerzbank after securing a further substantial shareholding via a tender offer on Wednesday.
UniCredit announced that shares representing 17.6% of Commerzbank's outstanding share capital were tendered, which it said was well ahead of original expectations.
In addition to its direct stake of 26.77% and the financial instruments worth a further 3.22%, it now holds a 47.59% shareholding in Commerzbank.
Once Commerzbank cancels its treasury shares, which it is expected to do, UniCredit will own 49.65% of the company.
UniCredit has been systematically increasing its stake after an all-share takeover offer in March was rebuffed by Commerzbank's board and the German government, which is its second-largest shareholder.
"The completion of the tender offer periods represents a further step in the execution of UniCredit's strategic investment in Commerzbank," the Italian bank said in a statement.
"UniCredit continues to seek to engage constructively with all relevant stakeholders while pursuing the necessary regulatory and supervisory processes in relation to its investment."
Commerzbank said in a statement that its board remains open to a "constructive dialogue" with UniCredit.
"In Commerzbank's view, realising synergies from a combination to a meaningful extent and within a reasonable timeframe is only realistic through a consensual solution that involves the Bank's management, employees, and their representatives, as well as the German federal government as second-largest shareholder," Commerzbank said.
Commerzbank shares were down 0.5% at 38.08 by 1452 BST, while UniCredit fell 2.6% to 80.11.
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