The Frankfurt Public Prosecutor's Office has declined to initiate a criminal investigation into the purported market manipulation that was reported by the general workers' council of Commerzbank in connection with UniCredit's takeover bid. This was confirmed by Sascha Uebel, president of the works council, after German prosecutors announced that, following the preliminary investigation, "there were insufficient concrete indications of a criminal offense". More information will not be released to avoid affecting the stock price while the takeover process is still ongoing. Alleging that the Italian bank had disseminated misleading information, the employees' complaint challenged the speed with which UniCredit received acceptances for the offer, despite the fact that the proposed price had long been below Commerzbank's market price. Simultaneously, UniCredit disclosed that it had acquired over 47% of Commerzbank through equities and derivatives, thereby approaching an absolute majority. However, the German bank's management continues to dispute the data and has contacted the regulatory body, BaFin. According to Commerzbank, institutional or retail investors accounted for fewer than 2% of the shares raised, with the majority coming from UniCredit-related parties. The bank, led by Orcel, has consistently denied accusations of opaqueness regarding the securities on loan and the hedging.