Commerzbank Denounces UniCredit's Takeover Offer

Commerzbank has officially rejected UniCredit's offer to acquire the German bank, dismissing it as inadequate and risky. Commerzbank's management argues the proposal undervalues their business and misrepresents a restructuring as a merger. The refusal intensifies the ongoing battle over control of the bank, set against a backdrop of geopolitics.

Commerzbank officially turned down the acquisition proposal from Italy’s UniCredit on Monday, solidifying its resistance to the ongoing cross-border takeover attempt.

UniCredit, which is now Commerzbank's largest shareholder, proposed acquiring shares in a deal valuing the bank at nearly 39 billion euros, a sum below market price. The supervisory and management boards of Commerzbank advised shareholders against accepting this offer, citing it as undervaluing the bank and laden with uncertainties.

The rejection prolongs the contention for control of the prominent German financial institution, a saga that began when UniCredit started purchasing shares in 2024. The tension is poised to escalate at Commerzbank's shareholder meeting, presenting a critical moment in the ongoing standoff.