Commerzbank's supervisory board chair, Jens Weidmann, wants German lawmakers to review the country's takeover rules after UniCredit won control of the lender without paying what he called an adequate premium. He also said the German government should keep its Commerzbank stake for now, even though the holding traces back to a financial-crisis rescue.
Weidmann told Sueddeutsche Zeitung that UniCredit's approach raised questions because the Italian bank secured a majority despite making what he described as a financially unattractive offer. UniCredit did not immediately respond to a request for comment.
Few shareholders tendered their shares
Of the roughly 73% of Commerzbank shares that could have been tendered to UniCredit, fewer than 18% were tendered, Weidmann said. Institutional and retail investors accounted for less than 3 percentage points of that total, with the remainder coming from banks linked to UniCredit, he added. According to Sueddeutsche Zeitung: "That raises questions about takeover law in Germany, which lawmakers may want to examine."
Deal still awaits regulatory sign-off
The offer period has ended, but the deal is not yet fully settled, since UniCredit still needs regulatory approvals before it can take possession of the tendered shares. Commerzbank's campaign against the takeover faded in July as UniCredit gradually built a stake of 48%, enough to determine shareholder resolutions.
Berlin holds its stake for now
Weidmann also said the German government should retain its Commerzbank stake for now, despite the holding having originated in a rescue package during the global financial crisis. He said the stake should eventually be withdrawn, but that keeping it in the current phase lets the government represent Germany's interests as a business location.
Source: Investing.com
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