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Commerzbank CEO blindsided by UniCredit bid, questions price
19 Mar
Summary
- UniCredit launched a surprise bid for Commerzbank shares.
- Commerzbank's CEO expressed surprise at the low offer price.
- Commerzbank will consider UniCredit's proposal if it makes sense.
UniCredit, holding approximately 30% of Commerzbank, has unexpectedly offered to acquire the remaining shares of the German bank. This move aims to increase UniCredit's stake beyond 30%, though not necessarily to achieve majority control. The offer's exchange ratio values Commerzbank at 30.8 euros per share, totaling 34.7 billion euros.
Commerzbank's Chief Executive, Bettina Orlopp, revealed her surprise at UniCredit's decision, noting it deviated from previous communications. She specifically questioned the offer's price, deeming it low compared to Commerzbank's target valuations. Orlopp emphasized that Commerzbank would evaluate any proposal received from UniCredit.
Orlopp stated that Commerzbank is prepared to engage in discussions if a concrete proposal is presented, contingent on its alignment with the bank's interests. She stressed the need for UniCredit to share a more detailed plan, as Commerzbank prioritizes its standalone strategy in the absence of a viable offer.
