(Alliance News) - Following the initial success of its exchange offer for Commerzbank, UniCredit is already looking toward its next milestone.

As reported Monday in Corriere della Sera's L'Economia supplement, the tenders announced last week, representing 7.6% of the capital, have allowed the bank led by Andrea Orcel to surpass the 30% minimum threshold set for the transaction's success.

This stake adds to a 26.8% direct holding and physical settlement instruments totaling 3.2%, bringing UniCredit's control to 34.4% and 37.6% of the German bank's capital, respectively. When including derivative instruments for an additional 13.2%, the Italian lender can already count on an exposure exceeding 50% of Commerzbank.

With the offer open until June 16, and potentially extendable until early July, Orcel is now aiming to reach a stake close to two-thirds of the capital, or 66%, a level that would facilitate future governance and integration processes between the two groups.

Upcoming tenders will be closely monitored by the market. So far, the strongest support has come from institutional investors, including Vanguard, BlackRock, Fidelity, Northern Trust, and the Norwegian sovereign wealth fund Norges, while retail shareholders have shown greater caution regarding the project, which involves merging Commerzbank with HVB, UniCredit's German subsidiary.

Operational efficiency remains a key metric for investors. Commerzbank has reduced its cost-income ratio from 60% to 53% and aims to reach 43% by 2030. UniCredit currently boasts a ratio of 33%.

Should significant additional tenders emerge in the coming weeks, UniCredit may consider improving the terms of the offer.

Under German regulations, a revision of the terms automatically triggers a two-week extension of the acceptance period, increasing the chances of securing further shares and consolidating control over the Frankfurt-based bank.

By Antonio Di Giorgio, Alliance News reporter

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