Shares in Commerzbank slip below price of UniCredit's bid

MILAN, June 16 (Reuters) - Shares in Germany's Commerzbank slipped below the price implied by UniCredit's hostile buyout offer on Tuesday, after trading consistently above that level since the Italian bank launched its bid on May 5.

The offer ends on Tuesday before reopening for a further 15 days from June 20.

A London-based and a Frankfurt-based trader said investors were likely fretting about the rising challenges the bid faces.

Shares in Commerzbank were trading at €36.63 by 0852 GMT, while those of UniCredit were at €76.85.

With an exchange ratio of 0.485 new UniCredit shares for each Commerzbank share tendered, the Italian bank's bid values Commerzbank at €37.30 a share.

(Reporting by Danilo Masoni and Valentina Za; Editing by Kirsten Donovan)