Questions on mergers of ADRs, OTC positions?

[schin]

Does anyone have experience on how takeovers or mergers work on OTC or ADRs positions? 

 

For example, if Unicredit  (UNCRY) takes over Commerzbank (CRZBF) using stock -- do US investors get UNCRY? Or whoever the CRZBF (acquiree) administrator generate a new OTC/ADR symbol?

 

Or if BBVA (NYSE)  merges with Sababell (BNDSF), how does the administrator in Sababell handle this in the US? I understand the fractional shares will be paid out, but will BNDSF owners get a new BBVA ADR system or will it translate to a BBVA shares on NYSE? 

 

If a shareholder has 1,000 shares of Banco Sabadell, BBVA would exchange them for 199 shares
of BBVA (1,000 / 5.0196) and the remaining fractional share (0.219) would be paid in cash.
The shareholder would also receive a cash payment of €57.77 (1,000 shares x €0.29 / 5.0196).

I am  interested in how mergers/takesover are handled in ADRs and unusual tax treatment by IRS.