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UniCredit rejects Commerzbank takeover: What happens next?
UniCredit initially rejects the takeover of Commerzbank. CEO Orcel cites high share price as the reason. Investors are looking forward to developments.
UniCredit rejects Commerzbank takeover: What happens next?
The Italian UniCredit's takeover plans for Commerzbank are in jeopardy. UniCredit boss Andrea Orcel has announced that the company is refraining from making a takeover offer for the time being because Commerzbank's current share price is considered too high. Orcel emphasized that there was no value for its own investors in a premium to the current price. With around 28 percent of Commerzbank shares, UniCredit is the second largest shareholder behind the federal government, which holds 12 percent.
The legal framework stipulates that if the 30 percent mark is exceeded, UniCredit would be obliged to submit a public takeover offer. However, Orcel would like to avoid this step, especially due to Commerzbank's high valuation. The renewed rejection dampens expectations of the Commerzbank share price, and investors are curious to see how the share price will develop without a takeover offer on the table. According to Börse Express, the development is being closely monitored.
Regulatory hurdles and market developments
The European Central Bank (ECB) recently approved increasing UniCredit's stake in Commerzbank to up to 29.9 percent. However, further necessary approvals, such as those from the Federal Cartel Office, are still pending. Orcel has indicated that a decision on a possible merger will take “well beyond 2025”. Meanwhile, Commerzbank remains optimistic and emphasizes its independence in this context.
The effects of UniCredit's possible entry on competition are currently being examined by the Federal Cartel Office. UniCredit also already owns the Munich-based Hypovereinsbank, which ensures greater market integration in Germany. Commerzbank's share price has almost doubled from 23.34 euros since UniCredit's entry last year; the market capitalization now amounts to 27.5 billion euros. According to Süddeutscher Zeitung, the ECB expects that UniCredit could play a positive role in cross-border bank mergers due to its strong balance sheet.
Political dimensions and further plans
Politically, the sale of Commerzbank is met with skepticism, especially by CDU candidate for chancellor Friedrich Merz, who emphasizes Commerzbank's important role for German medium-sized businesses and foreign trade. This could put additional strain on UniCredit's plans. In this context, Orcel plans to start dialogue with the new federal government as soon as it is formed. In addition, UniCredit is also examining a takeover of the Milan regional bank Banco BPM, for which an official offer is expected in April.
Overall, the situation surrounding Commerzbank and UniCredit remains tense. Investors and market participants had hoped for a clear direction, but are currently faced with uncertainty. The events of the coming months could be decisive for the future of Commerzbank and its market position.