Commerzbank chair calls for review of German takeover rules

Commerzbank’s supervisory board chair, Jens Weidmann, is calling for a review of Germany’s takeover regulations following UniCredit’s acquisition of the German lender. The Italian bank secured control without offering shareholders an adequate premium, according to a newspaper report. Weidmann expressed concerns over UniCredit's approach, stating that it obtained a majority despite presenting a financially unattractive offer.

Only about 18% of the 73% of Commerzbank shares that could have been tendered went to UniCredit, with the rest coming from banks affiliated with the Italian firm. This situation raises questions about Germany's takeover law, which lawmakers may need to review. The offer period has concluded, but regulatory approvals are still pending before UniCredit can fully take possession of the tendered shares.