Commerzbank Questions UniCredit Bid Support as Tendered Shares Near 30%
Updated
Updated · Bloomberg · Jun 10
Commerzbank Questions UniCredit Bid Support as Tendered Shares Near 30%
3 articles · Updated · Bloomberg · Jun 10
Summary
Commerzbank said Wednesday the rising acceptance level in UniCredit’s takeover bid may not show genuine investor backing and urged shareholders not to draw firm conclusions yet.
The bank said it is reasonable to assume the tendered shares come almost exclusively from banks and parties connected to UniCredit, raising fresh concerns about who is actually supporting the offer.
That warning casts doubt on whether the bid’s acceptance rate reflects broader ownership sentiment, influence or control, even as the headline participation level continues to climb.
The dispute sharpens scrutiny of UniCredit’s pursuit of Commerzbank by shifting attention from the raw tender count to the quality and independence of the shares being submitted.