UniCredit dismissed Commerzbank’s allegation of abnormal tender activity on the final day of its hostile bid for the German lender. After UniCredit disclosed that only 10.95% of its offer had been accepted, Commerzbank claimed the share takings were “abnormal” but said no institutional investors had participated. The Italian bank refuted that narrative and insisted the numbers reflected genuine market response.

Commerzbank later clarified that the tendered shares originated almost exclusively from entities linked to UniCredit, suggesting a potential borrowing scheme to inflate acceptance levels. The bank argued that such mechanisms could mask the true depth of investor support, thereby influencing the bid’s perceived strength. Market observers noted the dispute could sway shareholder sentiment ahead of any formal offer deadline today.

UniCredit responded, stating “Tendered shares are tendered shares and irrevocably committed,” underscoring that the shares cannot be re‑borrowed or withdrawn. By rejecting the claim, the lender aims to preserve the credibility of its bid and avoid regulatory scrutiny. The standoff highlights how tender‑offer mechanics can become flashpoints in cross‑border M&A contests for both the acquirer and the target’s shareholders today.