Overview
- UniCredit proposes exchanging 0.485 new UniCredit shares for each Commerzbank share, valuing Commerzbank at €30.80 per share, about a 4% premium.
- UniCredit says it controls roughly 29.9% of Commerzbank through direct holdings and derivatives and expects to surpass 30% without seeking control.
- Offer documents are slated for early May with a four-week acceptance window, and UniCredit plans an extraordinary shareholder meeting by May 4 to approve the required capital increase.
- Commerzbank’s board rejected the approach as unagreed and lacking value, with CEO Bettina Orlopp calling it a tactical manoeuvre and criticizing the minimal premium.
- The German government reiterates support for Commerzbank’s independence, unions and works council warn of significant job cuts, and further regulatory reviews are expected, with any full transaction likely stretching well into 2027 if pursued.