By Tom Sims FRANKFURT, March 25 (Reuters) - A special committee of Commerzbank's supervisory board met 11 times in 2025 to discuss the situation around Italy's UniCredit, the German bank's largest
Commerzbank Board Held 11 Meetings in 2025 Over UniCredit Takeover Offer
Commerzbank Supervisory Board's Response to UniCredit's Takeover Bid
By Tom Sims
Background of the Takeover Offer
FRANKFURT, March 25 (Reuters) - A special committee of Commerzbank's supervisory board met 11 times in 2025 to discuss the situation around Italy's UniCredit, the German bank's largest shareholder that last week made a takeover offer, according to Commerzbank's annual report published Wednesday.
Formation of the Special Committee
Commerzbank's supervisory board formed the temporary committee in 2024 when UniCredit first began amassing its large stake.
Committee's Examination and Reporting
"It conducted a detailed examination of UniCredit's stake in Commerzbank and its impact on the bank and received reports on these matters from the board of managing directors as well as internal and external advisers," the annual report said of the committee's work.
Reactions to UniCredit's Approach
Last week, UniCredit 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%.
Management and Stakeholder Responses
Commerzbank's management has called UniCredit's approach hostile. The German government, which is also a big Commerzbank shareholder, as well as unions have rejected UniCredit's advances.
Topics Covered in Committee Discussions
The annual report said the special committee discussions on UniCredit included the market environment and the share prices of both banks.
(Reporting by Tom Sims; editing by Matthias Williams and Miranda Murray)
