The Italian lender previously amassed a near 30% stake, establishing itself as Commerzbank’s largest single shareholder.
UniCredit recently launched an exchange offer valuing the German financial institution at nearly 39 billion euros.
Commerzbank’s executive and supervisory boards explicitly advised their shareholders to decline the incoming Italian proposal completely.
Leadership stated the offer significantly undervalues the firm and carries considerable operational risks for investors.
Management previously characterized the aggressive acquisition strategy as vague, coercive, and offering virtually no financial premium.
This official rejection marks a definitive stance after months of strategic hesitation by the German leadership.
The boardroom confrontation will likely prolong the high-stakes battle for control of the prominent Frankfurt institution.
Regulatory authorities continue to monitor the situation closely as European banking consolidation faces another major hurdle.
