Unicredit and Commerzbank closer? It is not known, but the latest attempt at an approach made by Unicredit seems to lead to a flatter path. The bank from Piazza Gae Aulenti has in fact announced in recent days an OPS to increase over 30% of Commerzbank at a hypothetical price of 30.8 euros per share equal to a premium of 4% compared to the previous closing (exchange hypothesized at 0.485 UniCredit shares for each Commerzbank share). An offer that found an opening from the German Institute and from the CEO of Unicredit Andrea Orcel, who says he is willing to discuss a revision of the offer.
Commerzbank shares rally
On the Frankfurt Stock Exchange, Commerzbank managed to gain 6% this morning, before correcting around 33.88 euros, maintaining an increase of around 4.6%. The market price is thus confirmed to be higher than the possible OPS consideration, confirming that the market is betting on a possible raise or on an agreement at a higher valuation. Between ups and downs, the shares (exchange rate at 0.485 UniCredit shares for each Commerzbank share) of the German bank show a gain of over 2% in the last seven days, while the performance since the beginning of the year shows a -6%, better than the FTSE Italia Banks index (-11%).
Orcel willing to discuss OPS
Unicredit’s number one, Andrea Orcel, in response to the signs of openness from the German bank, said he was willing to “start a structured discussion” on the OPS presented in recent days. The manager explained that the operation aims to “break a deadlock” and allow the parties to sit at the table for “a direct and constructive discussion”, while the revision of the terms of the offer no longer seems like a taboo.
“The situation we’ve all found ourselves in over the last 18 months is far from ideal for anyone, it’s uncertain, it’s not a good situation,” Orcel said, explaining that the main aim of the OPS is to “unblock the situation”.
The manager spoke of a “win-win situation”, the purpose of which is precisely to “create the opportunity” to sit at a table and talk. “If the comparison with Commerzbank is positive, UniCredit could review the terms of the announced OPS,” added the CEO of UniCredit.
An unexpected opening from Commerz
Commerzbank, after having welcomed the launch of the OPS with some caution, specifying that “the offer has not been agreed” and “does not include further information on the key terms of an operation that creates value”, has opened up the possibility of a dialogue with Unicredit’s management.
CEO Bettina Orlopp recalled that the “priority is to create sustainable value” for shareholders and stakeholders and reiterated the validity of a strategy “focused on independence and profitable growth”. Despite this, Commerz’s number one said she was willing to “sit at a table” to discuss a proposal, but “to do so” we need “something concrete”.
“You would expect that whoever has gone this far has something in the drawer to share with us and that is the request we have, and we have had it for 15 months,” Orlopp explained, adding that the proposal should “clearly include the issue of synergies”.
