Commerzbank Questions UniCredit's Tender Offer Data

Commerzbank AG has raised concerns about UniCredit's tender offer for Commerzbank shares, citing potential issues with the reported ownership and shareholder support. UniCredit's latest figures may be misleading, according to Commerzbank, merging different forms of economic exposure into a seemingly inflated position. Commerzbank suggests that tendered shares, reported at 7.58%, largely involve UniCredit's derivative counterparties, including Nomura, questioning the independence of these figures.

The economic rationale for tendering shares remains dubious when Commerzbank's share price consistently exceeds UniCredit's offer. Commerzbank requests the German Federal Financial Supervisory Authority to investigate, emphasizing the necessity for accurate information for investors. Market participants are advised to review their conclusions on ownership and shareholder support, with a full assessment pending.