Commerzbank (AO) | Buy | UCG tender offer update: CBK raises more concerns

Research evidence excerpt

Commerzbank (AO) | Buy | UCG tender offer update: CBK raises more concerns

News comment

Release date: 10 June 2026

Tobias Lukesch, CIIA

Equity Research Analyst

+49 69 7569 6217

tlukesch@keplercheuvreux.com

BuyCommerzbank

Germany | Banks & Asset Managers Beta Profile: MCap: EUR40.5bn Country Top Picks

Target Price: EUR45.00 Bloomberg: CBK GR Reuters: CBKG.DE

Current Price: EUR36.97 Free float 88.0%

Up/downside: 21.7% Avg. daily volume (EURm) 271.2

YTD abs performance 2.4% Market data: 09 June 2026

52-week high/low (EUR) 37.89/26.70

UCG tender offer update: CBK raises more concerns

Key points:

Commerzbank just issued a press release, raising further concerns over UniCredit's reported 10.95% acceptance level as of today

(up from 10.91% yesterday), stating that it has still not identified a single institutional investor as having tendered shares, while

retail participation remains around 0.05%. Including the tendered shares, UniCredit’s aggregate ownership position in

Commerzbank has increased to 37.7%, or 40.9% including share-settled derivatives. The current acceptance period runs until 16

June, followed by an expected extended acceptance period from 20 June to 3 July.

We view the update as reinforcing the valuation gap behind our positive investment case. Tendering into an offer that remains

below the market price continues to lack economic rationale, while CBK's comments on securities lending and limited

transparency add further uncertainty around the quality of the reported acceptance level.

We would expect the shares to remain supported. The dispute may increase short-term noise, but it also underlines that

shareholders are not accepting the current terms and should therefore reinforce expectations that a successful endgame would

require improved economics.