US EditionUniCredit launches low-premium bid for Commerzbank in effort to secure talks
UniCredit's €35 billion bid offers a 4% premium aiming to exceed 30% stake in Commerzbank without seeking full control, prompting regulatory and political response.
- On March 16, UniCredit, Italian bank, launched an unsolicited offer to increase its stake in Commerzbank to more than 30 percent, aiming to prompt merger talks.
- To address that legal hurdle, UniCredit said the offer aims to overcome the 30% cliff-edge in German takeover law and foster engagement in the coming weeks after a Commerzbank buyback forced stake adjustments.
- UniCredit outlined the swap as 0.485 UniCredit shares per Commerzbank share, implying €30.8 per Commerzbank share and a 4% premium as of March 13, with BaFin to set the formal price and a May launch expected; markets reacted with UniCredit down 1.5% and Commerzbank up 4.6%.
- Commerzbank's management argued the bid was uncoordinated and reaffirmed independence, while Chancellor Friedrich Merz and Union Verdi warned the lender could be dismantled, with Christoph Schmitz-Dethlefsen saying, 'An independent Commerzbank is the best guarantee of secure jobs and a solid future for both institutions'.
- The move also positions UniCredit to speed expansion in Poland via mBank and combine Commerzbank with HVB, while the Berlin government stake complicates control and capital impact is negligible.
122 Articles
122 Articles
The political opinion of the government is clear: we want to maintain the independence of Commerzbank. But now Commerzbank has to give an answer and everything else will be seen in the coming weeks and months. If not as an opening, which is not there, the comment of the German Chancellor Friedrich Merz, to the last move of Unicredit in Frankfurt sounds at least like a "we don't agree," but if they see it.
The Italian bank Unicredit already holds 29.9 percent of Commerzbank and plans to exceed the 30 percent threshold. The takeover offer is considered attractive. "A takeover is very realistic", says XTB market analyst Jens Klatt at Dietmar Deffner.
The Italian major bank Unicredit has submitted an official offer for Commerzbank. The Federal Government, which is a shareholder, reacted with scepticism. A spokesman of the Ministry of Finance stated that the hostile takeover of a system-relevant bank is rejected.
The Milanese establishment launched on Monday a buy-back offer with the aim of recovering more than 30% of the capital of the German bank. Since 2024, Andrea Orcel, the ambitious boss of UniCredit, has been seeking, with this German-Italian alliance, to build a European heavyweight of finance.
The Italian bank Unicredit wants to further increase its share in Commerzbank. On Monday, the bank from Milan announced an offer of EUR 35 billion, which would increase its share of the German bank's capital to more than 30 percent. At the same time, Unicredit stressed that it is currently not seeking to take control of Commerzbank. Italians' plans meet with sharp criticism in Germany."The offer serves to overcome the 30 percent hurdle existing …
The Italian bank announces a billion-dollar offer for Germany's second-largest private bank. With a cunning maneuver, Unicredit CEO Orcel Commerzbank and the federal government want to force talks.
Coverage Details
Bias Distribution
- 41% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
