Commerzbank calls UniCredit offer unattractive

Commerzbank said that fewer than 2% of institutional and retail investors had tendered their shares in response to UniCredit’s offer. The low participation suggests limited near-term ownership change from the tender process, with likely muted impact on pricing versus a larger take-up scenario.

Analysis

Commerzbank said that fewer than 2% of institutional and retail investors had tendered their shares in response to UniCredit’s offer. The low participation suggests limited near-term ownership change from the tender process, with likely muted impact on pricing versus a larger take-up scenario.