Commerzbank Questions Unusual Tender Activity Linked to UniCredit Offer

Commerzbank has expressed concerns over irregular tender activity related to UniCredit's takeover offer. Data shows that no institutional investors have tendered shares, and those tendered originate largely from entities connected to UniCredit without significant prior stakes in Commerzbank. The offer's acceptance level, recently noted at 10.95%, raises transparency issues. Commerzbank's share price has consistently been about 6% above the offer price, challenging the economic logic of accepting the offer.

A noticeable spike in securities lending suggests potential links to tender behavior. Commerzbank urges UniCredit and associated parties to disclose terms of relevant financial arrangements. The company is actively cooperating with BaFin to ensure market transparency and cautions against premature conclusions on shareholder support. The situation remains closely monitored, with further updates expected through the end of the extended acceptance period in July 2026.