UniCredit board to proceed with capital raise for Commerzbank

10 hours ago

(AWP Alliance News) - UniCredit Spa on Thursday said the board has unanimously decided to proceed with a capital raise for the take over of Frankfurt-based lender Commerzbank AG.

UniCredit, a Milan-based banking group, said the board exercised the delegation granted to it by the extraordinary shareholders' meeting on May 4.

The share capital increase is reserved for the voluntary public takeover offer on all Commerzbank shares not currently held by UniCredit.

The offer launched in March, although UniCredit started building a stake in Commerzbank in September 2024.

When reporting the results of its tender offer in July, UniCredit said: "Together with the directly held 26.77% stake and the financial instruments which confer the right to demand physical delivery of a stake of 3.22%, this adds up to 47.59%."

UniCredit shares closed down 0.5% at EUR83.80 each in Milan on Thursday, while Commerzbank shares ended marginally higher at EUR42.12 each in Frankfurt that same day.

"The share capital increase reserved to the offer will be executed on the payment date of the offer consideration, subject to the fulfilment (or waiver, in whole or in part, if applicable) of the conditions to the Offer," UniCredit said.

By Elijah Dale, Alliance News senior reporter Asia-Pacific

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