Overview
- Commerzbank, in a Tuesday statement, said an amicable solution with top shareholder UniCredit is not identifiable and that the sketched terms add too little value for its investors.
- UniCredit, which holds about 26% directly and has access to just under 30% in total, announced in mid-March a voluntary share-swap offer for all Commerzbank stock.
- UniCredit has called a May 4 extraordinary shareholders’ meeting to seek approval for a capital increase needed to support its exchange offer.
- Commerzbank plans to raise its financial targets with first-quarter results on May 8 and argues it can achieve most of the proposed gains on its own without merger risks.
- The banks are now exchanging public accusations over their talks, after UniCredit’s Good Friday review claimed Commerzbank refused constructive dialogue and Commerzbank said unilateral UniCredit disclosures undermined trust.