Overview
- UniCredit proposes an all-share offer it estimates at €30.8 per Commerzbank share—about a 4% premium—equating to roughly 0.485 UniCredit shares for each Commerzbank share.
- Germany’s BaFin will determine the final exchange ratio, with UniCredit targeting a formal launch in early May followed by a four‑week acceptance period.
- UniCredit currently holds about 26% of Commerzbank directly plus roughly 4% via instruments and aims to move beyond the 30% threshold without seeking control.
- The bank says the step would remove the need to constantly adjust its stake as Commerzbank’s buybacks change the denominator and expects only a minimal capital impact if it does not gain control.
- Berlin and Commerzbank’s leadership signaled opposition to the move, and UniCredit shares fell about 1.75% at the Milan open after the announcement.