Commerzbank Rejects UniCredit Bid as Undervalued and Risky
Commerzbank rejected UniCredit's 39 billion euro bid, calling it undervalued and risky. The board warned of 11,000 job cuts and Russian business exposure.
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COMMERZBANK AG formally rejected a €39B ($45.37B) takeover bid from UNICREDIT SPA on Monday. The offer values the lender below its market price as UniCredit seeks to expand its stake to close to 30% in the German bank. This rejection signals a prolonged battle for control over one of the largest financial institutions in the Eurozone.
