Germany has rejected UniCredit’s takeover offer for Commerzbank, saying the bid does not include an appropriate premium, and reaffirmed support for the German lender’s independence.
The interministerial steering committee responsible for decisions on holdings held by the Financial Market Stabilization Fund rejected Italian UniCredit’s current offer to exchange shares of Commerzbank AG, Germany’s Federal Finance Agency said in a statement Tuesday.
“Accepting the offer was not an option from an economic point of view, as the takeover offer does not include an appropriate premium over the current price of Commerzbank shares,” the agency said.
The Finance Agency said the steering committee supports Commerzbank’s strategy of independence and rejects UniCredit’s “aggressive approach.”
“Commerzbank AG plays an important role in financing the German economy and Germany’s Mittelstand,” it said, referring to the country’s small- and medium-sized companies (SMEs).
The agency also said Commerzbank is a major employer and central to Frankfurt as a financial center, adding that both must continue to be ensured in the future.
The German government holds a stake of more than 12% in Commerzbank through the Financial Market Stabilization Fund, which was created during the 2008 financial crisis and is managed by the Federal Finance Agency.
UniCredit’s offer valued Commerzbank at around €39 billion ($45 billion), according to market calculations, but Germany has been opposed to a takeover since the Italian bank first disclosed a stake in Commerzbank.
Commerzbank is one of Germany’s largest commercial banks and a key lender to the country’s corporate sector, including the SMEs that form the backbone of Europe’s largest economy.
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