Overview
- Commerzbank’s board, which on Monday urged holders to reject UniCredit’s share‑swap bid, said the proposal lacks an adequate premium for the bank’s value.
- Leaders in Frankfurt argued UniCredit understates likely revenue losses, inflates cost savings, and sets an unrealistic timeline that would strain IT integration and planned job cuts.
- The bank warned that shrinking its overseas branches would weaken support for the Mittelstand, the network of German small and mid‑size exporters that rely on Commerzbank’s global reach.
- UniCredit said it strongly disagrees with the claims and will issue a detailed reply, as its reported potential exposure to Commerzbank reached 38.87% through shares, swaps, and cash‑settled derivatives.
- Commerzbank noted its stock has closed above the offer’s implied value since the bid was announced, and cited independent analyst targets near €41.50 versus a recent price around €36.