Overview
- UniCredit announced a voluntary stock‑for‑stock offer designed to lift its Commerzbank holding above 30%, with BaFin to set the exchange ratio based on the three‑month VWAP.
- Guidance points to roughly 0.485 UniCredit shares per Commerzbank share, implying about €30.8 per share and a ~4% premium to the 13 March close, pending BaFin’s decision.
- The offer is slated to open in early May for four weeks, and UniCredit will ask shareholders that month to approve a capital increase to fund the operation.
- Commerzbank CEO Bettina Orlopp says the bank will consider negotiations only after UniCredit submits a concrete draft proposal, following an initial rejection of the announcement.
- The German government reiterates support for Commerzbank’s independence and holds about 12% of the bank, as UniCredit—already at ~26% directly plus ~4% via swaps—cites flexibility around buybacks and notes closing would require regulatory clearances and could extend into 2027.