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.
42 Articles
42 Articles
The markets react to new peace signals in the Middle East conflict and fluctuating bond yields. Commerzbank's Annual General Meeting does not have any unicredit, the takeover offer remains below market price. Arno Schütze from Bloomberg News explains the background to Dietmar Deffner.
The Germans reject the offer for a question of price: "Inadequate prize, does not reflect our value" . The reply: "Unsubstantiated arguments" .The management and supervisory board of Commerzbank rejected the OPS launched by Unicredit inviting shareholders to stay away from the Italian offer. Official motivation: too low price. Real motivation: in Berlin, Frankfurt and surroundings they do not intend to deliver one of the last symbols of national…
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.
Coverage Details
Bias Distribution
- 45% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
