Commerzbank wants to have UniCredit’s information about tendered shares and financial instruments checked.
As the bank announced, it provides the financial regulator Bafin with the relevant publicly available information as well as its own analysis and findings. It warns against potentially misleading UniCredit information and “advocates for a comprehensive review of the matter in order to give the market a complete picture.”
UniCredit announced on Tuesday that it had been offered 7.6 percent of Commerzbank shares as part of the ongoing takeover offer. Including the 26.77 percent held directly so far, UniCredit would have 34.37 percent. It also reported purchase options for a further 3.2 percent and other financial instruments, so-called “cash-settled instruments”, with a volume of 13.2 percent.
According to Commerzbank, based on the information currently available to it, “not a single offer acceptance from an institutional investor has been identified so far.” The sum of the assumptions made by private investors corresponds to an equity share of around 0.05 percent. Commerzbank continued that the total volume tendered came predominantly from banks and parties associated with them, some of which are known derivatives counterparties to UniCredit. She also pointed out that the shares were tendered even though the Commerzbank share price was above the value of the UniCredit offer.
The bank also said that directly held shares, derivatives and tendered shares should not be interpreted as an aggregated overall position. These are different categories that should not be equated. In parts of the reporting there was talk of positions of over 50 percent.
UniCredit’s information is “misleading without any additional explanations and gives rise to the suspicion that it is acting with the aim of artificially inflating its position in the perception of the market.”
In after-hours Tradegate trading, Commerzbank shares temporarily fell by 1.96 percent to 36.44 euros.
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