UniCredit has boosted its direct ownership of German lender Commerzbank to 37.7%, following fresh acceptances in its takeover bid. The Italian bank now holds 26.8% outright and an additional 16.4% via financial contracts, raising its total exposure. The move comes as Commerzbank’s German regulator reviews the deal.

Last week, Commerzbank asked the Bundesbank to examine UniCredit’s disclosures, prompting a regulatory filing that detailed the stake increase. UniCredit’s offer, which began last month, has already secured 10.9% of valid acceptances, boosting its direct holding. The financial contracts add another layer of exposure that could trigger a full takeover if the offer closes.

The escalation of shares pushes UniCredit closer to a controlling position, potentially reshaping Germany’s banking landscape. Investors watch the remaining week of the offer period for final acceptance numbers, while regulators weigh antitrust implications. If the bid succeeds, UniCredit would become the largest shareholder, consolidating its influence over Commerzbank’s strategy and operations.

Market analysts note that a successful takeover could create synergies valued at billions, as UniCredit plans to integrate Commerzbank’s retail footprint with its own. The Italian bank’s CEO has pledged to accelerate governance reforms, while shareholders anticipate dividend adjustments. The final decision hinges on the acceptance threshold, which, if met, would trigger a mandatory share‑sale under German law.