UniCredit, a major Italian bank, has submitted a bid of approximately 3.5 billion euros to acquire Commerzbank.

UniCredit, a major Italian bank, has submitted a bid of around €3.5 ​​billion to acquire Germany's Commerzbank, aiming to increase its stake to over 30% but not to the point of controlling the bank.

March 16, 2569 at 14.15:XNUMX a.m. Bloomberg reported that UniCredit SpA, a major Italian bank, has offered to acquire Germany's Commerzbank AG for approximately €3.5 billion, or around $4 billion. But they stated that they did not expect to take over the entire business.

UniCredit revealed that The offer would be for 0.485 shares of UniCredit per 1 share of Commerzbank, equivalent to approximately €30.8 per share, or a premium of about 4% from the closing price on March 13. The total deal is valued at approximately €3.47 billion, according to Bloomberg calculations.

However, the German regulatory authority (BaFin) will make the final decision on the offer price in the coming days. Unicredit expects to increase its stake in Commerzbank to over 30%, but not to the point of taking control of the business.

At Friday's closing prices, Commerzbank had a market capitalization of approximately €3.3 billion, while UniCredit had a market capitalization of around €9.6 billion. Commerzbank shares closed at €29.95 per share, and UniCredit shares at €63.50 per share.

The German government, which still holds a stake in Commerzbank, has repeatedly expressed its opposition to the acquisition of Unicredit.

UniCredit specify that The bidding process will officially begin in early May and will be open for offers for four weeks.

Previously, Unicredit already held nearly 30% of CommerceBank's shares, mostly through direct ownership.

Andrea Orcel, Chief Executive Officer of Unicredit. Signals of a possible acquisition of CommerzBank have been circulating since late 2567, after the initial disclosure of its shareholding, and it has subsequently increased its stake.

Although CommerzBank's share price has risen faster than UniCredit's since then, increasing the acquisition cost. But this year, shares of the German bank have fallen by about 18%, making it one of the worst-performing stocks in the Stoxx Europe 600 Banks index.

Orcel had previously attempted to acquire Banco BPM SpA, a rival bank in Italy, but this attempt was opposed by the Italian government, preventing the deal from proceeding.

refer : www.bloomberg.com

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