With UniCredit's takeover bid due to close shortly, Commerzbank is appealing to its shareholders to remain loyal: "Do not accept UniCredit's offer and keep your investment in Commerzbank," states a letter to shareholders, signed by Commerzbank chief executive Bettina Orlopp.
The letter - which is also due to be sent to shareholders by post in the coming days and was seen in advance by dpa on Friday - states that UniCredit's current offer still offers "no reasonable premium" for shareholders.
The target price for Commerzbank shares calculated by analysts is, on average, considerably higher than the offer price and the current share price, meaning "the value potential of your shares has therefore not yet been fully realized."
UniCredit has not yet presented a robust plan based on the strengths of Commerzbank's business model, she wrote. Furthermore, the German government does not wish to sell its stake of around 12%.
UniCredit's offer has just a few days left to run
In May, UniCredit submitted an exchange offer for Germany's second-largest private bank, offering 0.485 of its own shares for every Commerzbank share.
According to UniCredit, the offer had been accepted for 12.51% of Commerzbank's shares within the standard takeover period; the deadline was subsequently extended to July 3. This would have given UniCredit, which already held a 26.77% stake, a combined holding of almost 40% of Commerzbank.
In the letter, Commerzbank reiterates its argument: The more than 500,000 retail investors and several hundred major investors had tendered just over 1% of the shares by the end of the regular acceptance period. "The acceptance rate among our shareholders to date speaks for itself."
