Commerzbank disclosed that institutional investors have begun accepting UniCredit's takeover offer, marking a shift from its previous stance that no major shareholders had tendered shares. The German lender said institutional investors now hold 1.29% of tendered shares, while banks account for 11.17% and retail investors just 0.05%.

This development follows UniCredit's pursuit of a controlling stake in Commerzbank, which has faced resistance from German regulators and stakeholders. The Italian bank has been navigating a complex takeover process amid political scrutiny and regulatory hurdles in Germany, where economic nationalism has complicated cross-border banking deals.

The limited acceptance rate suggests UniCredit may need to adjust its strategy or sweeten the offer to secure broader shareholder support. With total tendered shares still below meaningful thresholds, the Italian lender could face pressure to either launch a new bid or reduce its ambitions for the German banking market.

German banking consolidation remains challenging as domestic institutions and regulators maintain skepticism toward foreign takeovers, creating uncertainty for UniCredit's strategic expansion plans.