(Alliance News) - Commerzbank on Friday reiterated its critical stance on UniCredit's offer, stating that the plan presented by the Italian bank 'remains vague and carries significant execution risks,' as part of its first-quarter results release.
The German lender specified that the management board and the supervisory board will publish their reasoned opinion on the transaction, including a recommendation to shareholders, 'in due course' once a 'thorough review' of the offer document submitted by UniCredit has been completed.
Commerzbank also published a presentation containing selected 'preliminary observations' regarding both the offer and the documentation released by UniCredit on April 20.
According to the German institution, the group led by Andrea Orcel is allegedly using 'misleading narratives that discredit Commerzbank,' while shareholders are being asked 'to accept a highly uncertain outcome.'
The bank emphasized that the offer 'provides no premium' for Commerzbank shareholders and reaffirmed its intention to continue acting 'in the best interests of its shareholders and other stakeholders,' maintaining its focus on 'sustainable value creation.'
However, Commerzbank left the door open for discussions with UniCredit, stating it remains open to dialogue should the Italian bank be prepared 'to offer an attractive premium and engage on a plan that takes into account the key pillars of Commerzbank's business model and strategy.'
UniCredit shares are down 1.5% at EUR70.32 per share, while Commerzbank in Frankfurt is trading 3.2% lower at EUR35.75 per share.
By Antonio Di Giorgio, Alliance News reporter
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