UniCredit moves closer to acquiring mBank owner, holds nearly half of shares

Italian bank UniCredit is nearing control of Commerzbank, the parent company of Poland's mBank, after a recent share exchange offer. UniCredit announced that it now holds nearly half of the voting rights in the German institution.

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The results of the concluded invitation may prove to be a breakthrough moment for the entire operation.

The results of the voluntary share exchange offer showed investors tendering shares equivalent to 17.6% of Commerzbank's share capital. Combined with UniCredit's existing 26.77% stake and financial instruments for an additional 3.22%, the total commitment reaches 47.59%. UniCredit stated this translates to 49.65% of voting rights, a figure expected to rise after the planned cancellation of treasury shares.

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The German bank informed that out of independent institutional and individual investors, shareholders holding less than 2 percent of shares accepted the offer.

However, Commerzbank's management offered a more cautious assessment. The bank reported that shareholders representing less than 2% of its stock accepted the offer. Commerzbank suggested that most tendered shares came from banks and entities affiliated with UniCredit, indicating a lack of broad appeal among other owners. The bank also questioned the uniformity of the tendered shares and noted uncertainty about whether some were previously on loan.

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The priority remains the interests of clients, employees, and all shareholders, including the German government, which remains the second largest shareholder of the bank.

Commerzbank's leadership, including CEO Bettina Orlopp and Supervisory Board Chairman Jens Weidmann, stressed the importance of maintaining stability and predictability. They affirmed their commitment to clients, employees, and all shareholders, including the German government, which remains a significant stakeholder. While open to constructive dialogue with UniCredit, Commerzbank emphasized that any integration must have the approval of its management and employee representatives.

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it is crucial to maintain the stability and predictability of the bank's operations.