Commerzbank chair calls for review of German takeover rules after UniCredit bid

Commerzbank's supervisory board chair, Jens Weidmann, has called for a review of Germany's takeover rules, citing UniCredit's ability to secure control of the bank without offering shareholders an adequate premium, according to a Sunday report from Sueddeutsche Zeitung. Weidmann expressed concern over UniCredit's financially unattractive offer, which allowed it to obtain a majority despite the lack of appeal.

He stated that fewer than 18% of the roughly 73% of Commerzbank shares that could have been tendered to UniCredit were actually tendered, with the majority coming from banks linked to UniCredit. Weidmann's comments suggest that Germany's takeover law may require examination. The offer period has now closed, but regulatory approvals are still pending, preventing UniCredit from fully acquiring the tendered shares.

Weidmann also urged the German government to retain its stake in Commerzbank for now, even though the government originally received it as part of a financial crisis rescue package. He argued that the government should continue to represent Germany's business interests actively during this phase.