UniCredit Opens Its €35 Billion Commerzbank Bid to Investors

UniCredit SpA has submitted its Commerzbank AG takeover proposal to the target’s shareholders, initiating a six-week period that will decide the German lender’s independence.

The acceptance period began on May 5 and will last through June 16, UniCredit said in a filing Tuesday. It’s offering 0.485 of its own shares for each one in its rival, implying a price of about €32 ($37.4) per share based on the day’s opening, or close to €35 billion for the bank as a whole.