Overview
- UniCredit on Tuesday opened a voluntary offer letting Commerzbank investors swap each share for 0.485 new UniCredit shares, with an acceptance window that runs until June 16.
- Commerzbank’s leadership rejects the approach as hostile and says the terms carry no premium, pointing out the offer values its stock below recent market prices.
- UniCredit says it does not expect to win control now and is chiefly seeking to cross the 30% ownership mark that unlocks greater freedom to buy more shares later.
- Regulatory and political hurdles remain, as BaFin earlier ordered UniCredit to stop sensational advertising and the German government opposes a sale while holding about 12% of Commerzbank.
- The fight now turns to investors and staff, with unions warning about up to 7,000 German jobs at risk under UniCredit’s plan and Commerzbank set to present new targets on Friday to argue for independence.