Unicredit launches bid on Commerzbank to exceed 30 per cent. Merz: we are for independence

Lastly, the bank specified that it is still waiting for the approval of the 2025 treasury share purchase programme, for an amount of 4.75 billion, by the shareholders' meeting scheduled for 31 March, as well as the related authorisation from the ECB. The share buyback programme will be initiated after the closing of the acceptance period for the Offer and will depend on the final level of acceptances to the Offer. There is no impact on UniCredit's dividend policy. If, as expected, UniCredit does not acquire control of Commerzbank, the financial impact on capital will be minimal.

"The board of directors of UniCredit believes that the offer represents a reasonable and pragmatic measure with no downside, taking into account that the stake held continues to represent significant value creation regardless of whether or not the 30 per cent threshold is exceeded through the offer," the institution concluded.

"Unicredit is required to make a takeover offer, having exceeded the 30 per cent threshold. This is prescribed by commercial law. It is now up to the two stakeholders. The political opinion of the government is clear. We want to maintain the indepedence of Commerzbank'. These are the words of German Chancellor Friedrich Merz, answering a question in Berlin's Chancellery about what the German government intends to do in the face of the exchange offer by Unicredit for Commerzbank. "But now Commerzbank has to give an answer and everything else will be seen in the coming weeks and months," Merz concluded.

Previously, it was a spokesman for the Ministry of Finance who spoke on Unicredit's move. "The federal government supports Commerzbank's strategy of independence. A hostile takeover would not be acceptable, particularly in light of the fact that Commerzbank is a systemically important bank," the spokesman said at a press conference regarding Unicredit's bid for Commerzbank. "The federal government takes note of the announcement that UniCredit intends to increase its stake in Commerzbank. If a formal offer is made, it will be up to Commerzbank's management board and supervisory board to examine it and make a recommendation to the shareholders. At the moment we see an announcement, but there is no formal offer yet. The federal government's position on this issue is known and remains unchanged in all points,' the spokesman said again.