economy
European takeover battle hots up with UniCredit’s ‘unfriendly attack’ on Commerzbank
Milan-based bank plans to up its near-30% stake in German lender to trigger formal talks despite strong opposition from Berlin
TL;DR
- UniCredit is attempting a takeover of Commerzbank, a German lender.
- UniCredit has increased its stake in Commerzbank to just under 30% and plans to push it higher.
- Under German law, a stake exceeding 30% requires a formal takeover bid.
- The proposed offer values Commerzbank at approximately €34.7bn via a share swap.
- The German government, which holds a significant stake, opposes the takeover and is committed to Commerzbank's independence.
- Commerzbank's CEO stated the offer does not include a premium for shareholders.
- Trade unions have also voiced opposition due to concerns about job losses.
- UniCredit plans to formally launch the offer in early May, pending shareholder approval.