Commerzbank (CBK GY) Board and Supervisors have recommended holders not accept UniCredit (UCG IM) exchange offer

• Board will remain open to dialogue if UniCredit is prepared to offer Commerzbank shareholders an attractive premium and to engage on a plan that builds on the strengths of Commerzbank’s business model and its strategy.

Commerzbank's board advising shareholders against accepting UniCredit's exchange offer signals a critical negotiation dynamic, emphasizing the need for a substantial premium to consider any deal. This stance may deter UniCredit's ambitions and reflects Commerzbank’s commitment to its strategic direction. The outcome of these discussions could influence market sentiment in the banking sector and impact related equities within the EURO STOXX 50 and DAX indices.