UniCredit dismissed Commerzbank's claims suggesting that the actual take-up in its exchange offer was lower than reported, calling the allegations groundless. This sparked a public dispute between the two banks regarding the validity of shareholder tender figures. Commerzbank CEO Bettina Orlopp expressed surprise at UniCredit's accusations of misleading the public. Meanwhile, German government sources stated that UniCredit's plans to take Commerzbank private are unviable as long as the state retains its stake.
In a letter to shareholders, Commerzbank calls for rejection of UniCredit's acquisition bid as the offer period nears its end after months of resistance.
Read the full storyGerman government sources indicate UniCredit's plans to delist Commerzbank are unviable as long as the state remains a key shareholder.
Commerzbank's CEO expressed shock over UniCredit's allegations of misleading the public regarding shareholder support for the takeover bid.
The Italian lender dismissed suggestions that investor participation in its exchange offer is weaker than publicly reported data indicates.