Friday, June 26Friday, June 268 days · 2 summary articles
Commerzbank board urges shareholders to reject UniCredits takeover offer
UniCredit plans to double stake in Generali to 12 via Delfin
Commerzbank’s board urged shareholders on Friday to reject UniCredit’s €9.6bn takeover offer, as the Frankfurt-based lender launched a last-ditch campaign to preserve its independence ahead of next week’s shareholder vote. Chief Executive Officer Manfred Knof and Chairwoman Simone Orlopp signed a joint letter to investors warning that UniCredit’s bid undervalues Commerzbank and risks “strategic drift” away from Germany’s corporate heartland. The plea, published by *Handelsblatt* , marks the final public salvo before the 2 July deadline for the extraordinary general meeting that will decide the fate of Germany’s second-largest bank.
UniCredit confirmed on 25 June that its all-share offer, valued at €9.6bn at announcement, remains open until the close of business on 1 July. The Italian group has already secured irrevocable undertakings from shareholders controlling roughly 28% of Commerzbank’s stock, including the German government’s economic stabilisation fund SoFFin, which holds a 15.6% stake. Analysts at Citi and Deutsche Bank estimate that UniCredit needs at least 60% turnout and a simple majority of votes cast to succeed, leaving a narrow path for Commerzbank to retain control.
Commerzbank’s board countered that UniCredit’s proposal would saddle the merged entity with €12bn of additional debt, raising leverage to 4.5 times earnings before interest and taxes—well above the peer median of 3.2x. Orlopp and Knof also highlighted the risk of job losses in Frankfurt, where Commerzbank employs 12,000 people, and the potential relocation of key functions to Milan. “UniCredit’s plan is not a merger of equals,” the letter stated. “It is a takeover dressed as a partnership.”
The standoff comes amid broader European consolidation: on the same day, OHB, the Bremen-based space-technology group, announced a “re-IPO” to attract external investors after abandoning plans to delist just two years ago . Meanwhile, Hong Kong celebrated the arrival of 413 new and expanding multinationals at a reception co-hosted by InvestHK, underscoring the city’s role as a gateway to Asia .
With the clock ticking, Commerzbank’s management is betting that German institutional investors—pension funds, insurers and the savings-bank sector—will prioritise national champions over cross-border consolidation. The bank’s shares closed at €10.40 on Friday, a 4% premium to UniCredit’s offer price of €10.00, suggesting the market remains unconvinced by the Italian group’s valuation.
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