UniCredit Becomes Commerzbank's Largest Owner at 42.5% Despite Rejections

UniCredit will raise its Commerzbank holding to 42.5% after only 10.9% of shareholders tendered in its €40 billion exchange offer, securing largest-shareholder status despite formal opposition from Commerzbank's board and the German government on 16 June. The Italian lender now holds blocking power at shareholder meetings without triggering mandatory-bid thresholds, locking in a prolonged standoff.