India, June 26 -- Commerzbank's (1CBK.MI,CBK.DE,CRZBY) Board of Managing Directors and Supervisory Board have issued a recommendation to shareholders do not accept UniCredit's unsolicited takeover offer. The German government, as the bank's second-largest shareholder, has also rejected the proposal. Leadership stresses that the bank's "Momentum 2030" strategy provides stronger value creation independently, with lower implementation risks.
Commerzbank concluded that UniCredit's bid fails to deliver an adequate premium and does not reflect the bank's fundamental value. Adjustments for UniCredit's upcoming dividend mean the exchange ratio effectively represents a discount. In addition, the integration plan presented by UniCredit is described ...