(Alliance News) - Major international institutional investors have backed UniCredit's exchange offer for Commerzbank, according to minutes from the May 4 shareholder meeting that approved the capital increase for the transaction, MF-Milano Finanza reported on Tuesday.

Numerous large global asset managers, many of whom also hold stakes in the German lender, voiced their support for the project led by Andrea Orcel.

Among the supporters is Vanguard, UniCredit's largest shareholder with 112.2 million shares, representing 7.4% of the capital, up from 3.97% in September 2024. The group also holds 2.88% of Commerzbank. BlackRock also backed the deal, voting with over 57.6 million shares, or 3.8% of UniCredit's capital, while holding a 4.66% stake in the German bank.

The exchange offer was also supported by Norges Bank, with over 33 million shares representing 3.11% of UniCredit, and Fidelity, which participated in the vote via FMR with nearly 30 million shares, corresponding to 1.97% of the capital. Other investors present in both banks include State Street, Northern Trust, Dimensional Fund Advisors, Capital Group, Crédit Agricole's Amundi, Invesco, JP Morgan, UBS, and T. Rowe Price.

On the Italian front, Delfin, the Del Vecchio family holding company, voted in favor with 2.67% of the capital, alongside the CRT foundation with 2.22% and Cariverona with just over 1%.

The offer is now entering a decisive phase. Tenders have so far exceeded 1% of Commerzbank's capital, while UniCredit's potential stake has risen above 40% through the use of derivatives. The outcome of the transaction remains open, although the backing of major international funds represents a favorable tailwind for the consolidation project promoted by Orcel.

By Antonio Di Giorgio, Alliance News reporter

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