ROME (dpa-AFX) - Commerzbank's (1CBK.MI, CBK.DE,CRZBY) Board of Managing Directors and Supervisory Board have issued a recommendation to shareholders do not accept UniCredit's unsolicited takeover offer. The German government, as the bank's second-largest shareholder, has also rejected the proposal. Leadership stresses that the bank's 'Momentum 2030' strategy provides stronger value creation independently, with lower implementation risks.
Commerzbank concluded that UniCredit's bid fails to deliver an adequate premium and does not reflect the bank's fundamental value. Adjustments for UniCredit's upcoming dividend mean the exchange ratio effectively represents a discount. In addition, the integration plan presented by UniCredit is described as vague and risky, lacking credibility for a sustainable combination.
On May 8, 2026, Commerzbank unveiled its updated 'Momentum 2030' strategy, which sets ambitious yet reliable growth targets through 2030. This plan is designed to generate greater value for shareholders, employees, and customers on a stand-alone basis.
UniCredit reported a 12.51% acceptance rate at the close of the regular tender period. Commerzbank notes that most tendering parties are linked to UniCredit, while institutional and retail investor participation was negligible. This demonstrates that the majority of shareholders support Commerzbank's independent growth path.
The extended acceptance period runs until July 3, 2026, with final results expected on July 8. Commerzbank's Board continues to advise shareholders not to tender shares during this period.
While rejecting the current terms, Commerzbank remains open to discussions with UniCredit if clear conditions are met: an adequate premium for shareholders and a credible plan that respects Commerzbank's business model. CEO Bettina Orlopp emphasized: 'We are growing more strongly than expected, and our new targets through 2030 reflect this - ambitious while remaining reliable in their execution. Every alternative must be measured against this.'
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