UniCredit (UCG IM) has launched a voluntary exchange offer on Commerzbank (CBK GY), do not expect to achieve control. Offer looks to exceed the 30% stake. Offer represents a EUR 30.80/shr price, a 4% premium.
Importance
Level 1
- "The offer is designed to overcome the 30% cliff-edge that exists under German takeover law and foster constructive engagement with Commerzbank and its stakeholders in the coming weeks."
- "It is expected that UniCredit will achieve a stake in Commerzbank in excess of 30% without reaching control."
- "This would both remove the need for UniCredit to continuously adjust its stake to remain under the 30% threshold due to the ongoing Commerzbank share buyback programme and an ability to increase its stake freely in the open market or otherwise thereafter."
#GERMANY#EUROPE#UNICREDIT SPA#UCG.IM#COMMERZBANK AG#CBK.GY#EQUITIES#ASIAN SESSION#EU SESSION#DIVERSIFIED BANKS#BANKS#BANKS (GROUP)#EURO STOXX 50#DAX 40 INDEX#UCG#CBK#EUROPEAN EQUITIES