Commerzbank reported that 7.85% of its shares have been tendered in UniCredit's takeover bid. UniCredit stated the take-up reached 7.6% earlier, meeting its goal of over 30% ownership. Commerzbank's CEO advised against tendering shares, citing the offer price being below market value.
Commerzbank has stated that 7.85% of its shares have been tendered under UniCredit's takeover bid, amidst a dispute over the significance of the data. UniCredit had previously announced a take-up of 7.6%, which it claimed met its objective of owning over 30% of Commerzbank, allowing for open market purchases later. UniCredit viewed this early response positively, seeing it as recognition of value in their offer. However, Commerzbank's CEO, Bettina Orlopp, stated that investors she spoke with recently indicated they would not accept the offer at a discount, as Commerzbank shares trade above the offer price on the open market. Commerzbank has formally rejected the takeover attempt, which has faced opposition in Germany. The bank has also requested Germany's financial regulator, BaFin, to review the transparency of the tender data. Orlopp described tendering shares as "not sensible or rational," suggesting it would be wiser to sell Commerzbank shares and buy UniCredit shares directly. UniCredit's offer values Commerzbank at €35.76 per share, below its current market price of €36.9. The take-up data also detailed specific tenders from Verto Capital I (2.36%), Nomura International (2.06%), Euroclear Bank (1.53%), Bank of Nova Scotia (0.89%), MUFG Securities EMEA and BBVA (0.35% each), NBC Global Finance (0.27%), and retail investors (0.04%).
The ongoing battle between Commerzbank and UniCredit over the takeover bid highlights investor sentiment and valuation discrepancies, with Commerzbank actively challenging the process and advising against the offer, potentially impacting the success of UniCredit's acquisition attempt and future M&A activities in the European banking sector.