Commerzbank's Orlopp Repeats Call For Investors to Spurn UniCredit's Advances

Dow Jones05-20 16:54

By Joshua Kirby

Commerzbank's boss again called on shareholders to turn down a takeover attempt by Italy's UniCredit, describing the bid as vague and not appropriate.

"We urge that you do not accept UniCredit's offer," Chief Executive Bettina Orlopp told shareholders at the German bank's annual general meeting Wednesday.

The amount UniCredit is offering for the part of Commerzbank it doesn't own is "not appropriate from a financial perspective," Orlopp said.

She said UniCredit's plans are vague, offer no added value and are fraught with significant risks.

Orlopp said management remains open to talks when there is willingness to discuss the points it has made.

UniCredit didn't immediately respond to a request for comment.

UniCredit earlier this year set out plans for a takeover offer that would value Commerzbank as a whole at around $40 billion. The Italian lender currently holds around 38.9% of Commerzbank. The bank's second-largest shareholder is the German federal government, which stepped in to prop up the bank at the time of the 2008 financial crisis.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

May 20, 2026 04:54 ET (08:54 GMT)

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