Italian bank Unicredit has officially submitted a takeover bid for German Commerzbank. For each Commerzbank share, it offers 0.485 of a new Unicredit share. The offer is open from May 5 to June 16. Unicredit is seeking to gain control of more than 30 percent of the stakes in Commerzbank. Der Standard ↗ Tagesschau ↗
Unicredit shareholders at an extraordinary general meeting approved, with a majority of 99.55 percent, a capital increase worth up to 6.7 billion euros, which is needed to finance the takeover. However, Commerzbank rejects the offer and is trying hard to prevent it. Commerzbank's management criticizes that the offer does not carry a sufficient premium and that there is no negotiation taking place about the bank's future business model. Trend ↗ e15.cz ↗
Andrea Orcel, the head of Unicredit, declares that he has staying power and is continuing his effort to complete the takeover regardless of the resistance from German politics. Meanwhile, Unicredit announced strong first-quarter results with a net profit of 3.2 billion euros, representing a 16.1 percent year-on-year increase and beating market expectations. The financial sector points out that the consolidation of European banks could help these institutions compete with American financial giants. However, Commerzbank continues to argue that the takeover would mean the bank being broken up and losing its independence. Die Zeit ↗ Trend ↗
Unicredit officially submitted a takeover bid for Commerzbank at 0.485 shares per share
This summary was generated by artificial intelligence. It may contain inaccuracies. Please verify information in the original sources below.
Sources (13)
Banken: Der Unicredit-Chef ist nicht der Dealmaker, der er gerne wäre
Sueddeutsche Zeitung
| 15:54 05.05.
Commerzbank-Übernahme: UniCredit-Aktionäre stimmen Kapitalerhöhung zu
Spiegel.de
| 13:27 04.05.
Unicredit und Commerzbank: UniCredit-Aktionäre machen Weg für Commerzbank-Übernahme frei
Die Zeit
| 13:26 04.05.
Commerzbank/Unicredit: Eine Offerte aus Mailand, die gar nicht mal so schön ist
Sueddeutsche Zeitung
| 14:29 05.05.
Können europäische Banken mit den US-Geldhäusern konkurrieren?
Tagesschau
| 12:52 05.05.
UniCredit legt offizielles Angebot für die Commerzbank vor
Tagesschau
| 12:52 05.05.
Bankensektor: Unicredit treibt Commerzbank-Übernahme voran
Die Zeit
| 12:16 05.05.
Rekordní zisky a italský útok na Německo. UniCredit chce Commerzbank i přes odpor vlády
e15.cz
| 09:41 05.05.
UniCredit zvýšila zisk a chce prevziať Commerzbank
Trend
| 07:29 05.05.
Unicredit ancora record, nel trimestre utile a 3,2 miliardi
ANSA
| 07:17 05.05.
Commerzbank und UniCredit: Commerzbank hält Übernahmeangebot der UniCredit für nicht ausreichend
Die Zeit
| 03:31 05.05.
Akcionári UniCredit odobrili plán prevzatia Commerzbank
Trend
| 12:05 04.05.
Commerzbank alla Faz, 'piano Unicredit smantella la banca'
ANSA
| 10:12 04.05.
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