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UniCredit launches €35bn offer for Commerzbank
(Sharecast News) - Italian lender UniCredit on Monday launched a €35bn bid to lift its stake in takeover target Commerzbank above 30% as it continued its long-running pursuit of the German bank.
UniCredit said it did not expect to reach control of Commerzbank via the offer but is making the move to increase pressure on its rival and the German government, both of which are opposed to a takeover, with the Italian lender's CEO Andrea Orcel saying "it is now time to talk".
In response Commerzbank said it had not been involved in the offer and noted that the statement from UniCredit "does not include any further information regarding key terms of a value-creating transaction. This would be a necessary basis for potential discussions".
"Our top priority is to create sustainable value for our shareholders and all stakeholders of Commerzbank. We are convinced of the strength and potential of our strategy, which focuses on independence and profitable growth. This move is not coordinated with us. The exchange ratio expected in the announcement does in fact not include a premium for our shareholders," said the bank's CEO Bettina Orlopp.
The offer was pitched at a 4% premium to the German bank's closing stock price on Friday. Commerzbank shares rose 4% on the news.
Under German takeover legislation, a full buyout offer must be made once a suitor passes 30% ownership. UniCredit said its move will give it the freedom to buy Commerzbank shares on the open market.
"The offer is designed to overcome the 30% cliff-edge that exists under German takeover law and foster constructive engagement with Commerzbank and its stakeholders in the coming weeks," it added.
UniCredit started building its stake in September 2024 and now has 29% through share purchases and derivative deals. The German government - which itself holds a 12% stake - wants Commerzbank to remain independent.
Reporting by Frank Prenesti for Sharecast.com
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