Business
Commerzbank CEO Surprised by ‘Low Price’ of UniCredit Offer
Commerzbank CBK 1.48%increase; green up pointing triangle Chief Executive Bettina Orlopp said she was surprised by UniCredit’s UCG -0.39%decrease; red down pointing triangle decision to launch a bid for the German bank, partly because of what she called the low price of the offer.
Orlopp’s comments came a day after UniCredit—Commerzbank’s largest shareholder with a roughly 30% stake—said it would offer to buy all the shares in the German bank it doesn’t already own, but that its move aimed to increase its holding above 30% with no expectation to result in majority control. UniCredit said it expected the exchange ratio of its offer to value Commerzbank at 30.8 euros a share, or 34.7 billion euros ($39.93 billion).
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