* Commerzbank says take-up at 7.85%, up from 7.6% on

Tuesday

* Lists those that tendered; includes Nomura, Verto

Capital I

* German regulator declines to comment on request for

review

By Valentina Za

MILAN, June 5 (Reuters) - Commerzbank said on

Friday that shares equivalent to 7.85% of its capital have so

far been tendered under UniCredit's €40 billion

takeover bid, as the two banks spar over the data's significance

in their battle to win over investors.

UniCredit said on June 2 that take-up of its voluntary exchange

offer had reached 7.6%. Combined with the stock it already

holds, UniCredit said that met its goal of owning just over 30%

of Commerzbank, a threshold which would allow it to buy more

shares on the open market later.

The Italian bank said then that it saw the "strength of

the early tender response as reflective of the inherent value

that investors are recognizing in UniCredit's takeover offer".

However, Commerzbank's CEO Bettina Orlopp said on Thursday

that investors she had spoken to as recently as this week told

her they would not accept the offer at a discount. Commerzbank

shares on the open market trade above the offer price.

The Italian bank's attempt to buy Commerzbank, which has

formally rejected the takeover offer, has met with widespread

hostility in Germany and on Wednesday the country's

second-largest bank challenged the transparency of the take-up

data.

Commerzbank said on Wednesday it had asked Germany's financial

regulator to review the matter. A BaFin spokesperson said on

Friday that it does not comment on individual cases.

Orlopp said it was "not sensible or rational" to tender as

Commerzbank shares are worth more than under UniCredit's offer.

The Milanese bank is offering 0.458 new UniCredit shares for

each Commerzbank share tendered, valuing Commerzbank at €35.76 a

share, below Friday's market price of €36.9.

"If you really want to have UniCredit shares, it would be

much smarter at this point in time to sell our shares and buy

UniCredit," Orlopp told an investor conference in Zurich.

A Commerzbank spokesperson said the take-up data showed

Verto Capital I had tendered 2.36%, Nomura International 2.06%,

Euroclear Bank 1.53%, Bank of Nova Scotia ( BNS ) 0.89%, MUFG Securities

EMEA and BBVA 0.35% each and NBC Global Finance 0.27%.

Another 0.04% has come from retail investors.

When it launched its offer on May 5, UniCredit held a 28%

equity stake in Commerzbank and several swap contracts. In the

offer document it listed Nomura, Citi and BNP Paribas as

counterparties. Its most recent disclosure showed it held 3.2%

in share-settled swaps and 13.2% in cash-settled swaps.

Nomura and Citi declined to comment. BNP Paribas did not

respond to a request for comment.