Commerzbank Raises Concerns Over UniCredit Tender Offer

Commerzbank has expressed concerns regarding unusual tender behavior linked to UniCredit's takeover offer. According to Commerzbank's data, no institutional investor has tendered shares, with tendered shares mainly originating from banks and parties connected to UniCredit with no prior stakeholders in Commerzbank. This behavior raises questions since Commerzbank's share price has consistently traded above the offer price, most recently by 6% or €2.30 per share.

Additionally, since the takeover offer was announced, there has been a significant increase in securities lending activities involving Commerzbank shares, believed to be linked to UniCredit's associated parties. This activity suggests possible undisclosed compensation arrangements. Commerzbank expects greater transparency from UniCredit regarding the incentives behind the tender actions.

The situation remains under continuous scrutiny by Commerzbank, which communicates its findings to BaFin, aiming for full market transparency. Shareholders are advised to await a complete assessment before making decisions about UniCredit’s offer, which ends on 16 June 2026, with an extended period from 20 June to 3 July 2026.