Commerzbank challenges UniCredit takeover as tender acceptances rise

Commerzbank CEO Bettina Orlopp has publicly dismissed the offer as irrational, noting that the market price of Commerzbank shares consistently trades above the valuation proposed by UniCredit. At an investor conference in Zurich, Orlopp suggested that shareholders seeking UniCredit exposure would find better value selling their current holdings on the open market rather than participating in the exchange offer. The current bid values Commerzbank at 35.76 euros per share, while the stock closed at 36.90 euros.

Institutional players represent the bulk of the tender movement. Commerzbank identified Verto Capital I as the largest participant with 2.36%, followed by Nomura International at 2.06% and Euroclear Bank at 1.53%. This slow trickle of acceptances comes as Commerzbank leadership continues to resist the acquisition, having formally requested a review of the tender data transparency from Germany’s financial regulator, BaFin. While UniCredit maintains that the response reflects investor confidence in its strategy, the German bank remains steadfast in its opposition, questioning the integrity of the data provided by its Italian suitor.