Commerzbank Rejects UniCredit Offer: Advocates for Stand-Alone Strategy

Commerzbank's Managing Directors and Supervisory Board have advised shareholders to reject UniCredit's takeover offer. They argue the offer lacks an adequate premium and doesn't reflect Commerzbank's value. UniCredit's plan involves considerable risks, such as underestimated revenue losses and overestimated synergies. The offer's implied value is notably less than Commerzbank's long-term potential, as evidenced by share prices exceeding the offer since its announcement.

Commerzbank prefers its "Momentum 2030" strategy, projecting substantial growth in revenue and net profit by 2030. This strategy, leveraging AI for profitability, aims for a net return on equity of 21%. Commerzbank's commitment to shareholders includes substantial returns via dividends and share buybacks. In contrast, the UniCredit offer, hinged on uncertain synergy achievements, is considered less favorable.

The Board remains open to dialogue if UniCredit presents a more attractive offer. However, the current proposal is seen as opportunistic and lacking in credible strategy, thus not in Commerzbank's best interest.