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Regulator Bans UniCredit's Slamming of Commerzbank
25 Apr
Summary
- BaFin prohibits UniCredit from making defamatory statements.
- UniCredit's ads called Commerzbank 'neglected' and 'uncertain'.
- The ruling comes amid UniCredit's takeover bid for Commerzbank.
Germany's financial regulator, BaFin, has issued a prohibition against UniCredit regarding public statements about Commerzbank. This unusual intervention occurred on Friday, April 24, amidst a months-long takeover battle initiated by the Italian bank. UniCredit is now forbidden from making advertisements or analyst calls that defame Commerzbank's financial standing.
BaFin's ruling specifically addressed provocative and unobjective statements, including social media advertisements that characterized Commerzbank as "neglected, uncertain, short-sighted." The regulator also cited comments by UniCredit's CEO to analysts, which suggested Commerzbank's current trajectory could jeopardize its medium-term survival. The prohibition aims to prevent sensationalist and negative portrayals of the target company's economic situation and future prospects.
