UniCredit Asks BaFin to Investigate Commerzbank's Bid Statements as Offer Nears Tuesday Deadline

UniCredit has asked Germany's financial regulator BaFin to investigate statements made by Commerzbank regarding its €40 billion all-share acquisition bid, intensifying a takeover battle nearing conclusion on Tuesday. UniCredit said it was compelled to clarify its position due to "continued and relentless dissemination of inaccurate and misleading information" that interferes with the offer process. The dispute centers on shareholder support levels, with Commerzbank claiming most tendered shares came from UniCredit's derivatives counterparties. UniCredit rejected the assertion, stating such shares were not borrowed or overstated. As of Friday, UniCredit had accumulated 41.8% of Commerzbank through a 26.77% equity stake, 11.86% in tendered shares, and 3.2% in equity-settled derivatives.
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