ROME (dpa-AFX) - UniCredit S.p.A. (CRIN.DE) on Monday said its shareholders approved a plan to allow the bank to raise up to €6.704 billion by issuing new shares.
The new shares will be used to acquire shares in Commerzbank Aktiengesellschaft as part of a takeover offer, where UniCredit will exchange its own shares instead of paying cash.
The bank can issue up to 470 million new shares in one or more tranches until December 31, 2027.
The approval was given at an Extraordinary Shareholders' Meeting in Milan, with 99.55% of the share capital represented.
The company said shares will be issued without pre-emptive rights for existing shareholders and the board will decide the timing, pricing and other details of the share issuance.
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