The major Italian bank Unicredit has made an official takeover offer for Commerzbank
presented. The owners of the Frankfurt financial institution should receive 0.485 new Unicredit papers for each Commerzbank share, Unicredit announced. Unicredit is already the largest investor at the
Commerzbank.
An extraordinary general meeting is to be called for May to obtain shareholder approval. The Federal Financial Supervisory Authority (Bafin) and the European Central Bank still have to approve the offer.
“The offer aims to overcome the 30 percent hurdle provided for in German takeover law,” said Unicredit with. According to its own information, the major Italian bank has so far controlled directly or through futures transactions 29.9 percent of Commerzbank shares – and has been promoting a takeover for months.
Resistance at Commerzbank
Hesse’s Prime Minister Boris Rhein reacted cautiously to the offer. “We will examine and evaluate the new situation openly and responsibly,” said the CDU politician. The European financial center of Frankfurt am Main must not be weakened. He also emphasized that the interests of employees and customers must be taken into account.
The Commerzbank works council announced resistance. Unicredit’s actions were “damaging to business,” said works council leader Sascha Uebel. “We will use every possible means and means to combat this.” The Ver.di union warned of job losses.
Commerzbank boss Bettina Orlopp had repeatedly expressed opposition to a takeover. “A transaction is not an end in itself, it must make sense and create value for shareholders, customers and employees. We don’t see that at the current valuation level,” said Orlopp in December.
The federal government does not want to sell shares
The deputy head of Commerzbank, Michael Kotzbauer, also had warned of the consequences of a possible takeover. Through its subsidiary, Hypovereinsbank, Unicredit would be in direct competition with Commerzbank in Germany. He spoke of a conflict of interest.
The plan was also rejected by the federal government, Commerzbank’s second-largest shareholder. The major Italian bank took advantage of the federal government’s partial exit in September 2024 to join Commerzbank on a large scale. She gradually expanded its participation and replaced the German state as Commerzbank’s largest shareholder. The federal government, which supported Commerzbank during the financial crisis, holds a good 12 percent of the shares and does not want to sell the stake.