BaFin fines Nomura for late disclosure of Commerzbank voting rights
Germany's regulator fined Nomura 320,000 euros for failing to report its Commerzbank voting rights on time during UniCredit's takeover bid.
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what happened
Germany's financial regulator BaFin has fined Nomura Holdings 320,000 euros, or $358,800, according to Dow Jones Newswires. The Japanese bank failed to disclose its voting rights in Commerzbank on time while UniCredit was running its hostile takeover bid. The violations relate to May and June of this year.
Under the rules, shareholders must notify both the issuer and BaFin within four trading days when their holdings cross set thresholds. A Nomura spokesman said the firm takes compliance seriously but does not comment on its dealings with regulators. Nomura had tendered Commerzbank shares to UniCredit under the offer.
UniCredit is nearing control of Commerzbank after the European Central Bank approved the takeover last week. In July, a hostile offer lifted the Italian bank's stake to 47.6%.
why it matters
For the market this is a minor episode, since the fine is small, but it shows regulators are closely watching disclosure of large stakes during takeovers. The main driver for Commerzbank shares remains the progress of the UniCredit deal.
market impact
Commerzbank and UniCredit: the case does not change deal terms, so the effect on the shares is limited
tags
instruments
sources
- Nomura Fined Over Commerzbank Disclosures During UniCredit Bid — Dow Jones Newswires, 20 October 2026 at 09:19 UTC
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