FRANKFURT — Germany’s government finance agency officially turned down an offer from Italian banking giant UniCredit to acquire shares in Commerzbank on Tuesday, pointing to an insufficient purchase price and what it described as the Italian bank’s “aggressive approach.”
The German government currently holds a 12% ownership stake in Commerzbank and has consistently pushed back against UniCredit’s ongoing efforts to take control of one of Germany’s leading financial institutions.
“Accepting the offer was already not an option from a financial point of view, as it does not include an appropriate premium on the current share price of Commerzbank’s shares,” the finance agency stated.
Beyond the price concerns, the agency emphasized its backing of Commerzbank remaining an independent institution. Officials highlighted that Commerzbank serves a crucial function in providing financing to medium-sized businesses and is a key part of Frankfurt’s financial landscape — the country’s primary financial center.
“Both must continue to be ensured in the future,” the agency added.
