Commerzbank AG has formally rejected a takeover bid from UniCredit SpA, condemning the Italian lender's continued hostile tactics. The escalation in rhetoric has drawn government attention, with Chancellor Friedrich Merz stating that his government rejects hostile and aggressive tactics in Germany’s banking industry.
UniCredit is accelerating its effort to buy the German rival, asserting that Commerzbank is in need of deep changes and describing the lender's story as one of operating underperformance. UniCredit CEO Andrea Orcel claims the combination would deliver significant cross-border value and investment firepower.
The move comes after high-level deal talks between the two lenders broke down, as any sense of common ground from March talks evaporated quickly. Consequently, UniCredit is taking its pitch directly to shareholders. Orcel has stated he will put his yearslong effort to buy Commerzbank on hold if the takeover bid fails to win him control over the lender.