Overview
- UniCredit, which disclosed Wednesday it will publish a formal bid on May 5, set a four-week acceptance window that could extend by two weeks.
- The bank scheduled a May 4 shareholder vote to approve a capital increase needed to issue new shares for the swap, which values the deal at about €35 billion.
- Holders of Commerzbank stock would receive 0.485 UniCredit shares for each share they tender.
- Commerzbank’s board led by Bettina Orlopp rejects the approach as unattractive, and the German government, which owns about 12%, opposes a takeover.
- Germany’s regulator BaFin banned UniCredit ads it called sensational and unobjective, while CEO Andrea Orcel says he will not withdraw and estimates an integration could cut about 7,000 jobs in Germany.