(RTTNews) - UniCredit S.p.A. (UNCFF.PK) on Monday announced a takeover offer worth 35 billion euros, which is equivalent to $40 billion, for Commerzbank AG (CBK.DE). While emphasizing that it does not intend to take full control of the lender, UniCredit said it plans to increase its stake in Germany's second-largest bank to more than 30 percent.
However, Commerzbank said the proposed offer had not been coordinated with the bank. It also noted that UniCredit's communication did not provide additional details about the key terms that would typically form the basis for discussions on a value-creating transaction.
Bettina Orlopp said the bank's primary focus remains on creating sustainable value for its shareholders and stakeholders. She added that Commerzbank remains confident in its current strategy centred on independence and profitable growth.
Commerzbank also said that its Board of Managing Directors and Supervisory Board will carefully review the voluntary takeover offer once it is formally published. The assessment, the bank added, will be carried out in the best interests of the institution, its shareholders, employees and clients.
Currently, UniCredit's stock is moving down 4.40 percent, to $72.38 on the OTC Markets.
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