Commerzbank had previously stated that it found no institutional investors had declared shares for this takeover offer.

UniCredit has refuted allegations of irregular share notifications on the final day of its takeover bid for the German bank.

Last week, Commerzbank reported detecting abnormal share declaration activities related to UniCredit's takeover offer. Following UniCredit's disclosure that the acceptance level for the offer reached 10.95%, the German bank stated it had not identified any institutional investors declaring shares for the bid, adding that nearly all declared shares originated from parties connected to UniCredit.

The Italian bank denied market speculation on Monday that the actual volume of declared shares was inflated due to securities lending mechanisms.

The bank stated: "Once submitted, share declarations are irrevocable and have full effect."

UniCredit also indicated that, if it secures sufficient shareholder support at the annual general meeting, it will have the right to nominate all shareholder representatives to the Supervisory Board.