FRANKFURT, June 16 - Germany's finance agency on Tuesday announced it has formally rejected an offer from UniCredit to purchase Commerzbank shares, saying the proposal did not meet financial or strategic criteria.
The agency, which represents the government's 12% stake in Commerzbank, cited the offer's low valuation and expressed unease with what it described as UniCredit's "aggressive approach." The statement made clear that the proposed terms did not include "an appropriate premium on the current share price of Commerzbank's shares," and that accepting the bid was therefore not financially viable.
"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 said.
In its announcement, the agency underlined that it supports Commerzbank maintaining its independence. It highlighted the lender's role in providing credit to medium-sized companies and called attention to Commerzbank's position as an "integral player" in Frankfurt, which the agency described as the nation's financial hub. The agency emphasized that both functions need to be preserved going forward.
The government has long been opposed to UniCredit's attempts to acquire one of Germany's leading banks, and the formal rejection reaffirms that stance. The finance agency's comments framed the decision around valuation and execution concerns rather than signalling any immediate change to the government's shareholding or to Commerzbank's operational status.
By publicly declaring that the offer lacked an appropriate premium and by pointing to the target's strategic importance for mid-sized company financing and the Frankfurt financial center, the agency set out both financial and policy reasons for the refusal. The statement did not specify next steps for either party beyond the rejection.
Reporting on this development, observers will note the government position centers on two core considerations: the monetary assessment of the bid and the broader implications for the bank's independence and its role within the national financial system.