FRANKFURT, March 17 (Reuters) - Commerzbank CEO Bettina Orlopp said on Tuesday that an offer by Italy's UniCredit to buy its shares was at a very low price, underscoring the German lender's long-held
Commerzbank CEO says UniCredit's offer is very low, complains about being kept in the dark
Commerzbank's Response to UniCredit's Takeover Offer
CEO Bettina Orlopp Criticizes UniCredit's Proposal
FRANKFURT, March 17 (Reuters) - Commerzbank CEO Bettina Orlopp said on Tuesday that an offer by Italy's UniCredit to buy its shares was "very low" and complained that the Italian bank was keeping it in the dark on its vision for a tie-up, underscoring the German lender's long-held reluctance about any takeover deal.
Concerns About Lack of Transparency
Orlopp called the lack of a specific plan from UniCredit "strange", and said that she would need to see a draft that includes details on efficiencies, costs, speed of integration and organisation.
Details of UniCredit's Bid
UniCredit on Monday cranked up the pressure on Commerzbank to accept merger talks with a low-ball bid to raise its stake in the German lender above 30%.
Commerzbank's Expectations for the Offer
"We need something in our hands. And one would expect that someone who has moved now so far has something in the drawer which they can share with us. And that is the ask which we have," she said at a financial conference.
Valuation and Pricing Concerns
UniCredit's offer valued Commerzbank at near 35 billion euros ($40.29 billion).
"The offer itself ... is at a very low price if you compare it to our target prices," she said.
Additional Information
($1 = 0.8688 euros)
(Reporting by Tom Sims, editing by Kirsti Knolle, Kirsten Donovan)
