Commerzbank Advises Shareholders Against Accepting UniCredit Offer
By Adria Calatayud
Commerzbank's management and supervisory boards recommended shareholders against accepting UniCredit's roughly 24 billion-euro ($27.91 billion) offer for the shares it doesn't already own, saying the bid undervalues the German bank and entails risks.
Italy's UniCredit earlier this month launched an all-stock offer for Commerzbank, ratcheting up pressure in Chief Executive Andrea Orcel's long-running campaign to take over the German bank. Orcel previously described the bid as an attempt to break a stalemate between the two banks and that UniCredit was unlikely to gain majority control of the German lender.
Commerzbank said Monday that its management and supervisory boards believe that UniCredit's offer provides no adequate premium and doesn't reflect its value. The suitor lacks a credible strategic plan for a combination and its proposal entails considerable risks, Commerzbank added.
Both boards believe that Commerzbank can create greater value on a standalone basis, by implementing its recently announced strategy, than through UniCredit's proposal, Commerzbank said.
UniCredit didn't immediately respond to a request for comment.
A regulatory filing published earlier on Monday showed UniCredit increased its stake in Commerzbank to 38.87%, up from its most recently disclosed position of 32.64% and from roughly 30% before it announced its plans to launch the offer.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
May 18, 2026 07:22 ET (11:22 GMT)
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