Unicredit: transparent about the Commerzbank bid, but their narrative is misleading
Unsubstantiated claims regarding irregularities in securities lending
UniCredit has dismissed the allegations that have emerged in Germany in recent days regarding its public exchange offer for Commerzbank and reiterated in a statement that it acted "in full compliance with regulations and with complete transparency", defending the accuracy of its market communications and challenging what it describes as a “misleading narrative” fuelled by the German bank’s statements, whilst describing “claims regarding alleged securities lending irregularities as unfounded”.
This statement comes following the complaint filed by Commerzbank’s works council against persons unknown regarding alleged market manipulation. UniCredit states that it has so far “deliberately refrained from commenting on the negative rhetoric surrounding the high level of support from Commerzbank shareholders”, arguing that this approach has helped to “divert attention from the fundamentals of the transaction and the significant benefits that a merger between HypoVereinsBank and Commerzbank could generate for investors, stakeholders and the German economy”.
imt-com
