Commerzbank said Monday that it has formally advised its shareholders to reject UniCredit's low-ball offer to take over the German lender, with its board of directors and the supervisory board saying the operation "does not reflect the fundamental value of Commerzbank" and was "vague" and "entails considerable risks".
    It said UniCredit's offer "underestimates revenue losses, overestimates synergies, and assumes an unrealistic implementation timeline".
    UniCredit expressed "strong disagreement' with the contents of Commerzbank's analysis of the offer, saying many of the arguments presented to were "baseless and lack supporting data.
    "We will provide a response after thoroughly examining the issues raised," Italy's second-biggest bank said.
    UniCredit started to acquire the German bank's stock in 2024 and has taken its stake up to close to 30%.
    Under German law, a full buyout offer is mandatory before an investor can cross the 30% threshold.
    Commerzbank and the German government are staunchly opposed to the takeover.
    UniCredit CEO Andrea Orcel has said he did not expect the offer UniCredit launched to give it control, but was part of an effort to end a long impasse and to get there in the long term.

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