Commerzbank rejects UniCredit's hostile takeover bid as unfair to shareholders
Commerzbank has dismissed a takeover bid from UniCredit, calling the proposal unfair to shareholders. Deputy CEO Michael Kotzbauer criticised the Italian bank’s approach as hostile and misleading. The rejection comes ahead of Commerzbank’s quarterly results and a long-term strategy update next month. Kotzbauer accused UniCredit of making public statements that misrepresent the situation. He argued that the offer would dismantle Commerzbank without providing shareholders a premium. Instead, they would receive UniCredit shares at a discount.
The deputy CEO also claimed UniCredit’s proposal fails to properly consider customer interests. Despite the bid, Commerzbank’s corporate client business remains stable, with a loan portfolio holding firm against economic pressures.
The bank’s executive board has reaffirmed its commitment to acting in shareholders’ best interests. On May 8, 2023, Commerzbank will publish its quarterly figures alongside a strategic update. This plan will set clear targets for the bank through to 2030. Commerzbank’s leadership has firmly rejected UniCredit’s takeover attempt. The bank will outline its future direction in the upcoming strategy announcement. Shareholders and customers will likely watch closely as the bank moves forward independently.
