UniCredit's Commerzbank Bid Draws Less Than 2% Acceptance Rate Despite 47.6% Stake

According to Commerzbank, less than 2% of institutional and retail investors tendered shares in UniCredit's takeover offer on Wednesday, despite the Italian bank holding 47.6% of the German lender. Commerzbank said the low acceptance rate demonstrates the "low attractiveness of the offer."

German political opposition has shaped the standoff. The government rejected UniCredit's offer in June, with Chancellor Olaf Scholz previously describing the stake acquisition as "an unfriendly attack." UniCredit's significant economic position faces headwinds from regulatory scrutiny and domestic political resistance.