Commerzbank in contact with German regulator on UniCredit stake buildup, staff message shows

* Commerzbank note ​says ⁠UniCredit communication may be misleading

* UniCredit says it ​has reported tender offer progress accurately

FRANKFURT, June 3 (Reuters) - Commerzbank is in contact with ​German ‌regulator BaFin about recent disclosures by Italy's UniCredit about the take-up of its tender offer for the ⁠German lender, according to a notice to staff seen by ⁠Reuters on Wednesday. The message to ​staff on Tuesday said UniCredit's communication appeared to be misleading, asserting that it was not "economically rational" for investors to have tendered a cumulative stake of 7.58%, as reported by UniCredit, ​given that the ‌Italian bank's offer price is below the market price.

UniCredit said in response it would not comment on "insinuations that lack a factual basis," adding that the facts about its Commerzbank holdings were as it had reported.

The development highlights escalating tensions between the two ​lenders as UniCredit pursues a takeover that Commerzbank has called hostile. In the staff message, Commerzbank ‌said a significant portion of shares UniCredit reported as tendered may come from market participants that are also counterparties to derivatives ‌with the Italian bank.

"We are therefore analysing and monitoring this process very closely and are also in contact with BaFin regarding this matter," the message read.

A spokesperson for Commerzbank confirmed the ​content of the message.

The bank said in a statement later on Wednesday that more transparency about the tendered ‌shares was needed and that it was asking for a probe by BaFin.

Commerzbank said it was providing BaFin with its own analysis and findings for the review. The years-long battle for ⁠control of ⁠Commerzbank reached a critical juncture last month after UniCredit launched ‌a bid that was then formally rejected by Germany's second-largest bank.

UniCredit said on Tuesday it had reached its ​goal in the bid, ​which is not intended to gain control of Commerzbank but only ‌to lift UniCredit's 27% direct stake above 30%. Once above the mandatory takeover threshold, UniCredit will be free to buy more Commerzbank shares on the market next year.

UniCredit