UniCredit said on Friday that investors had tendered Commerzbank shares representing 12.51% of the German bank's capital under its takeover bid, a slight increase in its overall holding in an ongoing battle for ownership.
Shares in Germany's Commerzbank slipped below the price implied by UniCredit's hostile buyout offer on Tuesday, after trading consistently above that level since the Italian bank launched its bid on May 5.
Germany has officially rejected UniCredit's offer to buy Commerzbank shares, the country's finance agency said on Tuesday, citing a low price and support for an independent Commerzbank.
Italian bank UniCredit on Monday dismissed as groundless suggestions by Commerzbank that the real take-up in its exchange offer to take over the German lender is lower than data show.