UniCredit's takeover bid for Commerzbank has reached an agreement. reach 10,91% of the German bank's capital (equal to 11,38% of voting rights including treasury shares) from 7,58% last week. This was revealed yesterday, Tuesday, June 9, by periodic updates on the transaction. The other stakes, both those held directly and exposure through derivatives, remained unchanged, for a total potential stake of 54,09%.
Meanwhile, yet another controversy has erupted, with the Italian bank responding harshly to Commerzbank's accusations: "Commerzbank's management has every right to recommend shareholders not to participate in the public exchange offer launched by UniCredit. However, it is not entitled to compromise the integrity of the bidding process. through unsupported accusations, according to which UniCredit's mandatory disclosures were misleading, artificially inflated, or otherwise capable of improperly interfering with the proper conduct of the operation,” Piazza Gae Aulenti wrote in a statement yesterday evening.
Unicredit thus breaks the silence and takes a stand because of the “the seriousness of the accusations raised by Commerzbank, the continuous communications to the press by sources close to Commerzbank” and the "persistent dissemination of increasingly serious and unfounded information." UniCredit therefore clarifies that "any suggestion that the bank intentionally confused disclosure categories in order to artificially overestimate the perceived level of acceptance of the offer is completely unfounded, whether factual or legal."
The institute led by Andrea Orcel has specified to comply with all legal provisions in a "continuous, fully transparent dialogue with the supervisory authority BaFin"All derivative contracts were also reported "promptly" to the authority, and the Italian bank also emphasized that "any findings by BaFin, including those relating to the notion of acting in concert or other attribution rules, would have resulted in changes to the relevant communications."
