Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks Stock plan guidance
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
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
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document or Product Summary document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
