Overview

• Deputy CEO Michael Kotzbauer said UniCredit benefits from a weaker Commerzbank share price as it pursues control, to the detriment of remaining shareholders and other stakeholders.
• He cited clear conflicts of interest because UniCredit owns HypoVereinsbank, a direct competitor in Germany.
• Regulators have allowed UniCredit to lift its position to just under 29.9%, with the Italian bank converting previously held derivatives into shares.
• German takeover rules require a mandatory public offer if UniCredit crosses the 30% threshold.
• Commerzbank leadership and the federal government, which holds about 12%, oppose a takeover, and Chancellor Friedrich Merz earlier labeled UniCredit’s approach unfriendly and potentially risky.