Commerzbank’s supervisory board chair Jens Weidmann has called for a review of Germany’s takeover rules following UniCredit’s accumulation of a majority stake in the German lender without providing shareholders a control premium.
Weidmann stated that UniCredit achieved a majority position through a financially unattractive offer, raising concerns about the adequacy of existing takeover regulations. The Italian bank’s bid drew fewer than 18% of eligible shares, with institutional and retail investors accounting for less than 3 percentage points of the tendered shares. The remainder came from banks linked to UniCredit.
By July, UniCredit had gradually built a 48% stake in Commerzbank, sufficient to determine shareholder resolutions. The offer period has since concluded, but the deal remains pending regulatory approvals before UniCredit can finalize the acquisition of the tendered shares.
Weidmann, speaking in the context of a report published Sunday by Sueddeutsche Zeitung, emphasized that the lack of a control premium in UniCredit’s approach warranted scrutiny. He suggested that lawmakers may need to examine whether current takeover laws adequately protect shareholders in such transactions.
