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UniCredit Calls for German Regulatory Probe Into Commerzbank's 'Misleading' Takeover Claims
US Markets

UniCredit Calls for German Regulatory Probe Into Commerzbank's 'Misleading' Takeover Claims

UniCredit (UCG.MI) has requested that German financial regulator BaFin investigate "misleading" public statements by Commerzbank (CBK.F) that allegedly aim to disrupt its ongoing takeover offer.The Italian bank on Monday denied Commerzbank's assertions regarding "unusual" share-lending activities, saying "tendered shares are tendered shares and irrevocably committed." UniCredit added that its direct shareholdings combined with valid investor acceptances have already "comfortably" exceeded its initial 30% target threshold.UniCredit's response followed a June 10 statement from Commerzbank that questioned the takeover process, claiming the tendered shares lack independent institutional support and likely stem from securities lending activities by parties connected to UniCredit. Commerzbank also noted then that it was in contact with BaFin regarding the matter."To date, as part of its ongoing dialogue with the German Federal Financial Supervisory Authority (BaFin), UniCredit has raised these matters and has asked the authority to review and further investigate the circumstances surrounding these statements, their accuracy, and their apparent intent to disrupt the integrity of the offer process, confusing stakeholders," UniCredit said.The bank expressed confidence that securing enough shareholder support would allow it to appoint new representatives to Commerzbank's supervisory board and drive strategic corporate reforms. While a full legal merger would require a 75% majority, UniCredit reiterated that it has no immediate plans to merge Commerzbank with its German unit HypoVereinsbank "before Commerzbank is strengthened and transformed."Both UniCredit and Commerzbank's stocks were up over 1% by Monday midday trade.

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Research

Morningstar Downgrades Commerzbank to Sell

Morningstar on Tuesday downgraded German lender Commerzbank (CBK.F) to sell from hold, while maintaining its price target at 31.60 euros.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Asia Markets

German DAX Index Blinks Green; Commerzbank Down After Rejecting Takeover Offer

German equities rose on Monday, with the blue-chip DAX index closing 1.49% higher, as investors assessed the possibilities of renewed escalation in the Middle East alongside Commerzbank's (CBK.F) formal rejection of UniCredit's takeover bid.On Sunday, US President Donald Trump urged Iran to fast-track a peace deal in a post on his social media platform Truth Social. Axios reported, citing two unnamed US officials, that Trump is planning to meet his top national security team on Tuesday to discuss potential military options.Sentiment was further dampened by reports of a drone-induced fire at a nuclear site in the United Arab Emirates on Sunday and the interception of three drones by Saudi Arabian forces."For markets, the ongoing closure of the Strait of Hormuz and the prospect of a fresh escalation [have] pushed oil prices higher this morning. Brent crude is up +1.77% to a two-week high of $111.19 [per barrel]. And it's clear that investors are pricing in a more protracted conflict, as the 6-month Brent future is also up to $92.14/bbl this morning, which would be its highest closing level since the conflict began," Deutsche Bank Research wrote.On the economic front, key updates coming later in the week include Germany's April producer price index data due on Wednesday, euro area preliminary S&P Global PMIs for May coming on Thursday, and Friday's GfK consumer confidence and ifo business climate survey results for the eurozone's largest economy.In corporate news, Commerzbank (CBK.F) urged shareholders to reject Italian lender UniCredit's unsolicited exchange offer. It added that the implied value of the bid, offering 0.485 UniCredit shares per Commerzbank share, remains uncertain, with settlement not expected until 2027 and dependent on UniCredit's share performance. The German bank lost 1.48% at the end of the session.Meanwhile, BofA Global said it is "more bullish" on Siemens Energy (ENR.F) following the publication of the company's fiscal second-quarter performance."We view last week's results as incrementally bullish, vs mixed investor feedback, reinforcing ENR as one of our top picks: (1) ENR's slot strategy implies mgmt are more bullish on Gas [original equipment] demand, (2) this is supported by datapoints incl. new backlog guidance, (3) extra EUR1bn buyback confirms proactive capital allocation. Stepping back, we think caution based on a possible 'peak' in Gas OE GW orders ignores backlog duration is still rising, and group orders will keep growing. Our EUR250 PO implies >45% upside potential. Maintain Buy," the research firm wrote. The German energy technology company was up 0.21%.

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Asia Markets

Correction: German Closer

(Corrects throughout to remove reference to story published in error)

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Asia Markets

German Closer

German DAX Index Blinks [Red/Green]; Commerzbank [Up/Down] After Rejecting Takeover OfferGerman equities [fell/rose] on Monday, with the blue-chip DAX index closing XX% [higher/lower], as investors assessed the possibilities of renewed escalation in the Middle East alongside Commerzbank's (CBK.F) formal rejection of UniCredit's takeover bid.On Sunday, US President Donald Trump urged Iran to fast-track a peace deal in a post on his social media platform Truth Social. Axios reported, citing two unnamed US officials, that Trump is planning to meet his top national security team on Tuesday to discuss potential military options.Sentiment was further dampened by reports of a drone-induced fire at a nuclear site in the United Arab Emirates on Sunday and the interception of three drones by Saudi Arabian forces."For markets, the ongoing closure of the Strait of Hormuz and the prospect of a fresh escalation [have] pushed oil prices higher this morning. Brent crude is up +1.77% to a two-week high of $111.19 [per barrel]. And it's clear that investors are pricing in a more protracted conflict, as the 6-month Brent future is also up to $92.14/bbl this morning, which would be its highest closing level since the conflict began," Deutsche Bank Research wrote.On the economic front, key updates coming later in the week include Germany's April producer price index data due on Wednesday, euro area preliminary S&P Global PMIs for May coming on Thursday, and Friday's Gfk consumer confidence and ifo business climate survey results for the eurozone's largest economy.In corporate news, Commerzbank (CBK.F) urged shareholders to reject Italian lender UniCredit's unsolicited exchange offer. It added that the implied value of the bid, offering 0.485 UniCredit shares per Commerzbank share, remains uncertain, with settlement not expected until 2027 and dependent on UniCredit's share performance. The German bank [gained/lost] XX% at the end of the session.Meanwhile, BofA Global said it is "more bullish" on Siemens Energy (ENR.F) following the publication of the company's fiscal second-quarter performance."We view last week's results as incrementally bullish, vs mixed investor feedback, reinforcing ENR as one of our top picks: (1) ENR's slot strategy implies mgmt are more bullish on Gas [original equipment] demand, (2) this is supported by datapoints incl. new backlog guidance, (3) extra EUR1bn buyback confirms proactive capital allocation. Stepping back, we think caution based on a possible 'peak' in Gas OE GW orders ignores backlog duration is still rising, and group orders will keep growing. Our EUR250 PO implies >45% upside potential. Maintain Buy," the research firm wrote. The German energy technology company [climbed/shed] XX%.

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Asia Markets

Germany's DAX Index Sheds Amid Escalating Middle East Conflict, Fresh Tariff Threats

German equities finished the trading week on a downbeat note, with the blue-chip DAX index 1.32% in the red at Friday's close, amid news of reignited military clashes between the US and Iran and renewed trade threats.Even as the US administration insists the ceasefire holds, geopolitical tensions flared overnight with the two sides exchanging fire in the Strait of Hormuz. As US President Donald Trump warned of a return to conflict due to the lack of progress on a deal, Danske Bank anticipates Iran's official response to Washington's latest proposal, which is expected "shortly," to be a key focus for the market.Concurrently, Trump set a July 4 deadline for the full implementation of the previous year's trade accord with the European Union after speaking with European Commission President Ursula von der Leyen, warning of "much higher" tariffs if the bloc does not remove duties on US industrial exports. While the European Commission said talks made "good progress," Reuters cited trade committee chair Bernd Lange as saying disagreements over safeguards among some EU states remain unresolved.Speaking of trade news, the Federal Statistical Office reported that Germany's calendar and seasonally adjusted trade surplus stood at 14.3 billion euros in March, below the revised 19.6 billion euros a month ago and the market forecast of 17.8 billion euros.Exports edged up 0.5% month over month, against the revised 3.6% jump earlier and the expected 1.7% fall. Monthly imports climbed 5.1%, compared with the revised 4.9% growth previously and the consensus estimate of a 0.8% rise.On the corporate front, Commerzbank (CBK.F) lost 3.98% amid plans to cut 3,000 roles to help its new profit targets through 2030 and ward off a takeover bid by Italy's UniCredit. After reporting robust first-quarter 2026 results, the German lender raised its 2028 revenue guidance to 15 billion euros from 14.2 billion euros, and set a new 2030 target of 16.8 billion euros, representing a 6% compound annual growth rate.Meanwhile, Deutsche Bank Research increased its price target for Siemens (SIE.F), saying it still expects an EPS guidance upgrade "on the horizon.""In this note, we discuss the results from Healthineers [SHL.F] and the read-across from Siemens' peers in the automation and electrification domains. We now expect Digital Industries to beat on all metrics this quarter and anticipate management will upgrade the organic growth guidance for Smart Infrastructure by 2 [points] to a new range of 8-11%, supported by accelerating datacenter demand. Overall, even though SHL lowered its FY26 EPS guide by 2%, we expect Siemens to upgrade its own EPS guidance by 3% to a new range of EUR11.0-11.5, with the Street already sitting at EUR11.3. We are raising our [price target] to EUR255 (vs EUR245 previously) but retain a Hold rating," the research firm wrote.The German technology group ended the session 1.25% lower, while Siemens Healthineers was down 5.53%.

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US Markets

Commerzbank Sets 'Ambitious' 2030 Targets, Insists on Independence Amid UniCredit Takeover Offer

Commerzbank (CBK.F) on Friday ramped up its long-term financial goals, unveiling a new, "ambitious" set of targets through 2030 as it reported strong first-quarter results.The German bank raised its 2028 revenue outlook to 15 billion euros from 14.2 billion euros, with a further increase to 16.8 billion euros projected by 2030, representing a 6% compound annual growth rate. Management expects a balanced contribution from both net interest and commission income to drive this growth.Commerzbank also pledged a cumulative 600 million-euro investment in artificial intelligence through 2030 as it plans additional job cuts of up to 3,000 roles.The new strategy is designed to reinforce the bank's independence amid an ongoing unsolicited takeover attempt by Italian peer and shareholder UniCredit (UCG.MI). "Our top priority is to create sustainable value for our stakeholders. We remain convinced of the strength and potential of our independent strategy, which is focused on profitable growth," Commerzbank said in its financial report.Commerzbank on Tuesday noted that UniCredit's takeover offer sits 8.7% below its Monday closing price of 34.02 euros. The Italian banking group proposed 0.485 of its shares for each of the German lender's shares, valuing the target at 31.07 euros per share.Looking at its first-quarter results, the German bank's income before risk result for the three months ended March 31 totaled 3.22 billion euros, compared with 3.07 billion euros previously. Net interest income slipped to 2.05 billion euros from 2.07 billion euros, while net commission income rose by 8.9% to 1.10 billion euros.Operating result also grew to 1.36 billion euros from 1.23 billion euros in the prior-year period, while consolidated profit attributable to shareholders was 913 million euros, against the 834 million euros earlier. EPS moved to 0.84 euro from 0.73 euro.Commerzbank also lifted its forecasts for 2026, with the bank now targeting consolidated net profit of 3.4 billion euros and net interest income of 8.6 billion euros, compared with previous projections of 3.2 billion euros and 8.5 billion euros, respectively.The German lender's shares rose more than 3% in early trading.

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Asia Markets

German Shares Rally Amid Corporate Earnings Buzz

Germany's blue-chip DAX index closed Tuesday higher by 1.71%, as investors focused on the latest flurry of corporate earnings and trading updates against a backdrop of sustained conflict in the Middle East.Rheinmetall (RHM.F) climbed to one of the top spots on the blue-chip DAX, closing 3.40% higher, as BofA Global Research looked past the German arms maker's preliminary first-quarter sales miss to focus on anticipated tailwinds from Germany's increased defense spending. Sales rose 7.7% year on year to 1.94 billion euros, falling short of the 2.27 billion-euro market forecast."This was driven largely by a difficult comp in 1Q25, but there is expected to be a strong growth acceleration in 2Q driven by Weapons and Ammo as the Murcia site commences full scale production and the delivery of already produced trucks to the German customer in 2Q... We maintain Buy on valuation. We continue to believe in the structural step up in German defence spending mid-term and see Rheinmetall as a key beneficiary of this inflection," the research firm wrote.Conversely, Fresenius Medical Care (FME.F) was the worst performer, falling 10.68%, after reporting a continued contraction in US volumes in the first quarter. The German healthcare company's revenue slipped 6% annually to 4.61 billion euros but remained ahead of the 4.59 billion-euro consensus estimate.Meanwhile, Commerzbank (CBK.F) noted that UniCredit's "unsolicited" takeover offer represents an 8.7% discount to the target's Monday closing price of 34.02 euros. The Italian banking group proposed 0.485 shares for each of the German lender's shares, valuing the target at 31.07 euros per share. Commerzbank said its board will review the proposal and issue a formal opinion within the statutory deadline. It gained 4.50% at the end of the session.On the geopolitical front, tensions between the US and Iran escalated after Iran reportedly carried out an aerial strike on an oil port in the United Arab Emirates, while US forces said they sank six Iranian military boats in the Strait of Hormuz and escorted two merchant ships through the waterway."Energy markets remain volatile, with Brent crude prices at 113 USD [per barrel], reflecting persistent supply concerns. Mounting tensions are testing the fragile ceasefire, with risks to inflation becoming more pronounced," Danske Bank said.

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Asia Markets

DAX Index Starts Week Lower; German Consumer Sentiment Weakens Further

German equities kicked off the new trading week lower, with the blue-chip DAX index down 0.19% on Monday's close, as markets await interest rate decisions from major central banks due within the week.The US Federal Reserve is set to announce its latest monetary policy move on Wednesday, while the decisions from the European Central Bank and the Bank of England are due Thursday.At home, German consumer sentiment appears to have deteriorated further, with the GfK consumer climate indicator for May 2026 dropping to -33.3 points from the revised -28.1 points a month ago, weighed down by falling income and economic expectations. The reading marks the indicator's lowest level since February 2023 and stands below the Investing.com consensus estimate of -30.2 points."The inflation rate in Germany rose from 1.9 percent to 2.7 percent in March due to rising energy prices caused by the war in Iran, leading the majority of consumers to once again expect price increases. Although the indicator for price expectations rose somewhat less sharply in April than in March- likely due to falling prices at the filling stations, the indicator's level has risen compared to the beginning of the year," the NIM Consumer Climate powered by GfK survey said.Meanwhile, the export outlook in Germany slightly improved as positive expectations roughly offset negative ones amid a high level of geopolitical uncertainty. The ifo Institute's export expectations indicator increased to 0.1 points in April from the previous month's -0.7 points.In corporate news, German officials held informal preliminary talks with European banks to explore the possibility of a new strategic investor purchasing a stake or taking over Commerzbank (CBK.F), unnamed sources reportedly told Bloomberg News. The German government, which holds a 12% stake in Commerzbank, is said to be looking at alternatives to a potential takeover by Italian lender UniCredit, which submitted its offer earlier in 2026. Commerzbank's shares were up 2.39% at closing.

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Research

RBC Capital Upgrades Commerzbank to Outperform, Boosts PT

RBC Capital on Tuesday upgraded German lender Commerzbank (CBK.F) to outperform from sector perform and raised its price target to 43 euros from 37 euros.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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US Markets

Commerzbank Rejects UniCredit's Transformation Plan With Combination for Being 'Hostile, Misleading'

UniCredit (UCG.MI) on Monday presented a transformation plan for Commerzbank (CBK.F), outlining potential benefits of their merger, which the German lender dismissed as continued "hostile tactics and misleading characterisation."UniCredit, which holds 26.04% of Commerzbank's voting rights through shares and 3.31% through instruments, pitched a new Unlocked approach to refocus Commerzbank on its core markets of Germany and Poland instead of the lender's "aggressive and riskier" international expansion under its Momentum plan. The suitor said the new approach will prioritize the German Mittelstand and families, raise investments in the frontline, technology and the adoption of artificial intelligence, while targeting efficiencies in non-core international network, senior overheads, operations, and more.Under Unlocked, Commerzbank could reach a net profit of 5.1 billion euros by 2028, above the consensus of 4.5 billion euros under the German bank's Momentum strategy, UniCredit said, adding that Commerzbank is "ill-prepared" to compete with the US and fintech entrants in Germany, while being overly focused on short-term delivery and partly relying on favorable interest-rate conditions and non-core international growth to offset higher-than-target operating expenses in 2025.UniCredit also countered Commerzbank's remarks that its takeover offer provided no adequate premium, arguing that consensus forecasts imply an over 5% stronger performance after a combination compared with the Momentum strategy. It added that Commerzbank has declined further premium discussions and engagement on deal details.Commerzbank rejected those assertions, saying the offer still excludes a "market-standard" premium and describing the transformation proposal as a "speculative attempt to dismantle" its business model following what it called more than 18 months of unsolicited stake-building by UniCredit."What UniCredit described today is not a convincing combination case. It is an attempted restructuring proposal by a direct competitor, cutting into the core value chain of the German Mittelstand regarding its international business and trade finance. It comprises a compression of Commerzbank's cost base modelled on HypoVereinsbank, and a reorientation away from the Mittelstand franchise that defines the Bank's competitive position. At the same time, UniCredit has not revealed any substantive new details on its actual combination plan -- be it actual levers, cost-to-achieve or timeline. This has been repeatedly requested by Commerzbank and been denied to date," Commerzbank argued.The lender added that any potential combination benefits would likely take "a couple of years," with implementation possibly starting between 2029 and 2030, and said it will present updated targets and its 2030 strategy alongside first-quarter results on May 8.

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Asia Markets

German Shares Down as US-Iran Tensions Reignite

Germany's blue-chip DAX index reversed last week's winning streak, closing 1.04% in the red on Monday, amid renewed friction between the US and Iran.A US naval interception of an Iranian cargo ship on Monday triggered a vow of retaliation from Tehran, which also reinstated restrictions on the Strait of Hormuz over the weekend amid the US' continued blockade of Iranian ports. As Tuesday's ceasefire expiration looms, Iran threatened to boycott the anticipated second round of negotiations, demanding an immediate end to the closure of its ports as a prerequisite for talks."Oil prices rebounded, with Brent crude trading at USD 95 [per barrel] this morning, as the market digested the turmoil around the Strait of Hormuz. The market is likely to stay volatile this week as US and Iran will try and negotiate a deal. If oil does not start flowing through the strait soon, oil prices are likely to rise further and above USD 100/bbl again," Danske Bank said.In local economic news, Destatis reported that producer prices ticked down 0.2% year over year in March, compared with a 3.3% decline earlier. The German Federal Statistical Office attributed the year-on-year decline to energy price adjustments. On a monthly basis, the index was up 2.5% in March 2026, marking the biggest month-over-month rise in producer prices since August 2022.On the corporate side, Commerzbank (CBK.F) shares moved 1.33% higher, as significant shareholder UniCredit unveiled a value-creation plan for the German bank. Seeking to boost 2028 net profit to 5.1 billion euros, versus Commerzbank's 4.5 billion-euro goal, UniCredit urged a faster transformation, claiming the current management is "insufficiently prepared" for future challenges and too focused on short-term delivery.Meanwhile, Deutsche Bank Research trimmed buy-rated SAP's (SAP.F) price target to 200 euros from 220 euros, as part of a report focused on the European software and information technology services sector. The German software company was the DAX's second-biggest loser during the session, shedding 3.28%."The European and global Software sector has seen some recovery of share prices over the last days which we see as a result of very negative positioning going into earnings season. While this is somewhat of a relief following the derating of the last months, we retain our selective approach and overall more cautious stance on the space. We expect new releases of OpenAI, Google and other models during Q2, which represent further headline risks to the sector, while established Software companies need to transform themselves (further) in order to deliver maximum value from AI solutions to their customers in a rapidly evolving technology landscape. Lastly, geopolitical and macro headwinds from the war in Iran are likely to impact also Enterprise customer confidence as we have seen when Russia attacked Ukraine or during the 2025 'trade war,'" the research firm said.

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Research

Barclays Upgrades Commerzbank to Overweight, Boosts PT

Barclays on Monday upgraded German lender Commerzbank (CBK.F) to overweight from equal weight and increased its price target to 42 euros from 36 euros.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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