$UCG.MI

4 stories mentioning UCG.MI

Every FINWIRES story that references UCG.MI, newest first.

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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US Markets38d ago

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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US Markets39d ago

Italy's UniCredit Set to Divest Part of Russian Unit to UAE Investor

UniCredit (UCG.MI) reached a nonbinding deal to sell part of its Russian subsidiary to a "well-established private investor" in the United Arab Emirates, as part of plans to refocus its operations in Russia around international payments.Under the terms of the potential transaction, the Italian banking group intends to spin off part of AO Bank's activities into a new separate entity, which UniCredit would fully own, according to a Thursday release. Meanwhile, the remaining operations would be sold to the unspecified buyer, who has "long standing ties to the local institutional and business community" in the UAE.UniCredit expects the divestment to result in a cumulative negative impact of between 3 billion euros and 3.3 billion euros on its net income. However, the bank noted that this will not affect its shareholder distribution or its net profit targets for the 2028 to 2030 period.The group added that the deal is anticipated to boost its overall capital position with a 35 basis-point improvement."The transition has been structured and shall be executed to ensure continuity and stability for clients and employees. Customers utilizing UniCredit's payment solutions to and from Russia will maintain access to the current set of operations throughout the process," the group said.UniCredit noted that both parties will work together to finalize the structure of the planned divestment. The deal is expected to close in the first half of 2027, subject to both parties reaching a binding agreement, the implementation of the spin-off of part of AO Bank's activities, and relevant regulatory approvals.

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US Markets55d ago

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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