UniCredit launches exchange offer to lift Commerzbank stake above 30% as German government reiterates opposition
The Facts
- UniCredit announced a voluntary share-exchange offer for Commerzbank intended to increase its stake above 30%.
- UniCredit said it does not expect to acquire control of Commerzbank through the offer.
- UniCredit’s current Commerzbank position is described as roughly 26% held directly plus about 4% via derivatives/total return swaps.
- The exchange offer terms include an exchange ratio of 0.485 UniCredit shares per Commerzbank share, implying a price of about €30.8 per Commerzbank share.
- Germany’s finance ministry reiterated that it supports Commerzbank’s independence and said a hostile takeover would be unacceptable.
- Commerzbank said UniCredit’s announced offer was not coordinated with Commerzbank and that it currently sees no basis for talks.
Context
Why is the 30% stake level important in this situation?
Multiple reports describe 30% as a key threshold under German takeover rules, and UniCredit says its exchange offer is designed to surpass that level. Investing.com La Repubblica
What has the German government said about UniCredit’s move?
Germany’s finance ministry has said it supports Commerzbank’s strategy of remaining independent and that a hostile takeover would be unacceptable, while noting that supervisory authorities such as the ECB and Germany’s cartel office are the relevant independent bodies. Investing.com N-tv
When is UniCredit’s exchange offer expected to formally begin?
UniCredit’s exchange offer is expected to formally launch at the start of May, according to reporting on the planned timetable. Corriere della Sera CNBC
The receipts — all 100 sources
Wire services (7)
Independent coverage (50)
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N-tvDer Börsen-Tag: Aktionär fordert Commerzbank zum Dialog mit ...
Investing.comGermany rejects hostile UniCredit takeover of Commerzbank By...
ANSA.itUniCredit launches bid to take Commerzbank stake above 30% -...
The GuardianEuropean takeover battle hots up with UniCredit's 'unfriendl...
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La Voz de GaliciaUniCredit agita las fusiones bancarias con una opa sobre Com...
DIE WELTCommerzbank-Betriebsrat: Wehren uns mit allen Mitteln - WELT
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Bloomberg BusinessGermany's Ruling SPD Rejects UniCredit Takeover of Commerzba...
ZEIT ONLINEWiderstand gegen Unicredit: Commerzbank-Betriebsrat: Wehren ...
stern.deCommerzbank-Betriebsrat: Wehren uns mit allen Mitteln
MorningstarUniCredit $40 billion offer for Germany's number-two bank co...
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Borsa italianaBorsa: Unicredit - 2% dopo Ops su Commerz, si avvicina a val...
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Il Sole 24 OREUnicredit: Orcel, non miriamo a controllo Commerz ma a dialo...
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Frankfurter AllgemeineUnicredit bietet für die Commerzbank: Jetzt schlägt die Stun...
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