Commerzbank formally rejects UniCredit takeover offer as risky and undervalued
Commerzbank said the offer undervalues the lender and could expose shareholders to Russia risk, Italian bond holdings and up to 11,000 job cuts.
- On Monday, Commerzbank formally rejected UniCredit's unsolicited takeover offer, citing undervaluation and vague terms in a 137-page board analysis recommending shareholders reject the exchange offer.
- Commerzbank CEO Bettina Orlopp stated the bid 'does not offer an adequate premium' and characterized it as a restructuring proposal that would massively harm the bank's proven business model.
- The lender's internal analysis warned of up to 11,000 potential job cuts and cautioned that accepting the deal exposes investors to UniCredit's Russian business and large Italian government bond holdings.
- Tensions will peak Wednesday when Commerzbank convenes its annual shareholder meeting, where the board will 'recommend that shareholders not accept UniCredit's exchange offer.'
- UniCredit, which has amassed a stake close to 30% since 2024, called Commerzbank's statements 'unfounded or unsupported' and promised to respond with more detail 'in due course.
33 Articles
33 Articles
The board of directors and the supervisory board of Commerzbank recommended that shareholders reject the Public Procurement Offer (OPA) launched by UniCredit, concluding that the proposal undermines the German bank and closes considerable risks for all parties. The rejection was formalised in a reasoned statement of 137 pages, drawn up after an analysis of the OPA document submitted by UniCredit on 5 May. The governing bodies of the bank conclud…
Unicredit wants to take over Germany's second-largest private bank and has presented an offer for all Commerzbank shares. However, this meets little response in Frankfurt.
Commerzbank takes serious action against Unicredit: The Management Board and Supervisory Board officially reject the takeover offer that has been in operation since the beginning of May and advise shareholders against acceptance.
UniCredit wants to take over Commerzbank. To this end, it offers a share exchange. Commerzbank formally rejects the offer – and advises shareholders against it.
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