UniCredit Wins Control of Commerzbank With Just 10.9% Takeup

UniCredit raised its Commerzbank stake to 42.5% after a disappointing €40 billion share exchange offer drew only 10.9% participation. The Italian bank now holds blocking power—enough to veto major shareholder decisions without triggering Germany's mandatory-bid rule. Both Commerzbank's board and Berlin opposed the move. The deadlock is set to drag on.