Overview
- UniCredit, which won shareholder backing Monday, received authority to raise up to about €6.7 billion to fund a public share swap offer for Commerzbank.
- The bank announced an offer set for Tuesday that aims to push its stake above 30 percent, a threshold that lets it buy more shares on the market under takeover rules.
- Commerzbank’s vice chair Michael Kotzbauer rejected the plan as dismantling the bank and offering no premium to investors, yet kept the door open to talks.
- UniCredit said strong acceptance could force it to fold Commerzbank into its accounts, a move that could curb its capital return plans such as the share buyback.
- Commerzbank’s stock has climbed nearly 12 percent in a month to about €35, raising the bar for any rival bidder as the German state still holds more than 12 percent.