Commerzbank rejects UniCredit €35bn takeover offer

Group 1 - Commerzbank has rejected UniCredit's €35 billion ($40 billion) voluntary exchange offer, stating that it is not aligned with its current strategy and lacks critical information for a value-creating transaction [1] - UniCredit's strategy aims to avoid constant adjustments to its holding, which were previously hindered by Commerzbank's active share buyback program, and it does not expect to achieve control over Commerzbank [2] - Currently, UniCredit holds approximately 26% of Commerzbank directly, with an additional 4% held through total return swaps [2] Group 2 - The formal launch of the exchange offer was planned for early May, with a preliminary exchange ratio of 0.485 UniCredit shares for each Commerzbank share, equating to €30.8 per share, representing a 4% premium compared to the closing price on March 13, 2026 [3] - Commerzbank's CEO emphasized the priority of creating sustainable value for shareholders and stakeholders, asserting that the proposed exchange ratio does not include a premium for Commerzbank shareholders [4] - UniCredit is awaiting shareholder approval for a proposed €4.75 billion share buyback for 2025, which will depend on the outcome of the exchange offer [5]