Commerzbank has retired the last of its own shares repurchased from shareholders, according to a regulatory filing on Thursday. The move increases UniCredit’s indirect stake in the German lender to 49.65%, up from 47.59%, without any additional action by the Italian bank.
UniCredit’s exposure includes 3.36% of Commerzbank shares that remain subject to conversion options, which the bank can exercise at any time to convert into direct holdings. Despite the increase, the voting structure on Commerzbank’s shareholder register remains unchanged, as treasury shares are non-voting and turnout at annual general meetings typically falls short of full participation.
Commerzbank had held 4.14% of its share capital in treasury stock, accumulated through buybacks over recent years to return excess capital to investors. The bank had previously announced plans to retire these shares but delayed the process amid a protracted dispute over UniCredit’s attempted takeover of Commerzbank. The retirement eliminates the remaining treasury shares from Commerzbank’s capital structure.
UniCredit’s growing influence comes as it edges closer to securing a majority stake in Commerzbank, though the takeover remains unresolved. The Italian bank’s existing 49.65% stake, including convertible options, positions it to gain majority control once conversion rights are exercised or further shares are acquired.
