Orcel Reinforces Commerzbank Ambition With €35 Billion Offer

UniCredit SpA made a €35 billion ($40 billion) bid for Commerzbank AG, allowing it to increase its influence over the German rival despite fierce opposition to a deal from Berlin.

With a premium of just 4% over the Friday close, the low-ball offer is designed to push UniCredit’s stake just past 30% while not giving it full control of Commerzbank. The Italian lender can subsequently choose to buy more shares in the German firm on the open market without triggering a legal requirement to make a bid, which otherwise would have happened when crossing the 30% threshold.