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Commerzbank CEO calls UniCredit offer unusual for not offering premium
Finance

Commerzbank CEO calls UniCredit offer unusual for not offering premium

Published by Global Banking & Finance Review

Posted on May 5, 2026

1 min read

· Last updated: May 5, 2026

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Commerzbank CEO Calls UniCredit’s No-Premium Buyout Offer Unusual

Commerzbank Responds to UniCredit’s Acquisition Proposal

CEO Bettina Orlopp’s Statement on the Offer

FRANKFURT, May 5 (Reuters) - Commerzbank CEO Bettina Orlopp said on Tuesday that it was "unusual" that UniCredit's offer to buy the German bank did not carry a premium but that Commerzbank was always willing to talk.

Assessment of UniCredit’s Proposal

"We will, of course, examine this in detail," Orlopp said of the UniCredit offer earlier in the day.

Shareholder Considerations and Premium Expectations

"There is no premium being offered, which is unusual, because when I ask shareholders to give something up — to give up potential upside and also to give up control — I usually offer a premium in return," she said at a conference in Berlin.

(Reporting by Tom SimsEditing by David Goodman)

Key Takeaways

  • UniCredit’s exchange offer of ~€30.80/share implies no meaningful premium over target valuations, prompting criticism from Commerzbank’s management (Reuters, Commerzbank FAQ)
  • Commerzbank’s stand‑alone 'Momentum' strategy is deemed value‑accretive and low risk, reinforcing skepticism toward UniCredit’s unsolicited bid (Commerzbank press release)
  • UniCredit aims to raise its stake past 30% via a voluntary exchange offer but has offered minimal upside, delaying potential discussions until specific, value‑creating terms are presented (UniCredit press release, Commerzbank comments)

Frequently Asked Questions

What did Commerzbank's CEO say about UniCredit's offer?
Bettina Orlopp described UniCredit's no-premium offer to buy Commerzbank as unusual.
Why is a premium usually offered in buyout deals?
A premium is usually offered to compensate shareholders for giving up potential future gains and control.
Will Commerzbank consider UniCredit’s offer?
Commerzbank will examine UniCredit’s offer in detail as stated by CEO Bettina Orlopp.
Where did Bettina Orlopp make her comments?
She made the comments at a conference in Berlin.

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