Commerzbank rejects UniCredit's €39 billion takeover offer

Commerzbank AG’s board officially turned down UniCredit Bank’s nearly €39 billion non‑cash share‑swap proposal, calling the valuation inadequate and warning of significant risks, including lingering exposure to Russia and the prospect of up to 11,000 job cuts.

UniCredit, which has built a 38.87% stake in Commerzbank, offered 0.485 UniCredit shares for each Commerzbank share. The German government, holding a 12.7% share, is considering raising its stake to 25% to secure a veto. Employees at the AGM displayed anti‑M&A signs and voiced support for the rejection. As of the latest tender update, only 0.0059% of Commerzbank shares have been offered under the bid.

Despite the failed takeover, Commerzbank’s stock has risen more than 40% over the past year, trading at €36.29 at the close of the latest session.