UniCredit has launched a 35 billion euro offer for Commerzbank

The Italian bank UniCredit has announced a takeover offer valued at 35 billion euros for Commerzbank, offering 0.485 of its shares for each share of the German bank. This offer, which will begin in the first part of May, comes in the context where UniCredit has already accumulated a 29% stake in Commerzbank. Although the CEO of UniCredit has expressed a desire to complete a full takeover, both the management of Commerzbank and the German government, which holds 12% of the shares, have opposed this move, wanting the bank to remain independent.

UniCredit intends to exceed the threshold of 30% of voting rights, according to German takeover legislation, to initiate a constructive dialogue with Commerzbank. The Italian bank already has a presence in Germany through its subsidiary HypoVereinsbank, acquired in 2005.