Commerzbank rejects UniCredit €35bn takeover offer

Commerzbank has turned down UniCredit's €35bn ($40bn) voluntary speech offer, noting that the connection is not “aligned" with its existent strategy.

The German lender besides highlighted a deficiency of captious accusation regarding the presumption indispensable for a "value-creating transaction."

UniCredit had designed the speech connection to bypass the 30% "cliff-edge" power threshold nether German takeover instrumentality portion allowing country for aboriginal involvement increases.

This strategy avoids changeless adjustments to its holding, which were antecedently hindered by Commerzbank's progressive stock buyback programme, it said.

The Italian slope besides highlighted that it has “no anticipation to execute control”.

“If arsenic expected UniCredit remains with nary power successful Commerzbank the fiscal interaction connected superior volition beryllium negligible,” it noted.

Currently, UniCredit holds astir 26% of Commerzbank directly, with an further 4% held done full instrumentality swaps.

The ceremonial motorboat of the connection was planned for aboriginal May.

Preliminary figures suggested a apt ratio of 0.485 UniCredit shares for each Commerzbank share, corresponding to €30.8 per share, a premium of 4% compared to the 13 March 2026 closing price.

Commerzbank CEO Bettina Orlopp said: “Our apical precedence is to make sustainable worth for our shareholders and each stakeholders of Commerzbank. We are convinced of the spot and imaginable of our strategy, which focuses connected independency and profitable growth. This determination is not coordinated with us. The speech ratio expected successful the announcement does successful information not see a premium for our shareholders.”

In parallel, UniCredit awaits shareholder support astatine its 31 March AGM for a projected €4.75bn stock buyback for 2025.

This remains taxable to backing from some shareholders and the European Central Bank.

The buyback is expected to commencement aft the connection play ends and volition beryllium connected however galore shares are taken up successful the exchange.

Last year, a study by the Financial Times said that UniCredit is expanding the fig of German members connected its committee to facilitate the acquisition of Commerzbank.

"Commerzbank rejects UniCredit €35bn takeover offer" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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