(Il Sole 24 Ore Radiocor) - Milano, 18 mag - The German bank Commerzbank said that its management and supervisory boards have rejected a takeover offer from its Italian peer UniCredit.

Commerzbank said that the implied offer value of the offer "constitutes a significant discount compared to the long-term value creation potential of Commerzbank as well as to the current trading metrics." Since the announcement of the offer, Commerzbank's share has closed above the implied offer value on every single trading day, it added.

On May 15, the implied offer value of 34.56 euros again fell short of Commerzbank's closing share price of 36.48 euros, it added.

"Independent equity research analysts place the median target price for the Commerzbank share already at approximately 41.50 euros," the bank claims.

"Based on this analysis, the Board of Managing Directors and Supervisory Board conclude that the financial consideration of the unsolicited offer is not adequate. It is based exclusively on the statutory minimum consideration and is therefore an opportunistic attempt to acquire control. It neither reflects the fundamental value of Commerzbank nor does it offer an adequate premium to Commerzbank shareholders. By launching this offer, UniCredit will bring itself into a position to obtain control over Commerzbank without offering adequate compensation to Commerzbank shareholders," it added.

'UniCredit's takeover offer does not offer an adequate premium to our shareholders. What is described as a combination is in fact a restructuring proposal that would massively impact our proven and profitable business model,' said Bettina Orlopp, the CEO.

'At Commerzbank, we have a clear and successful strategy, which offers an attractive growth case to our shareholders.

That is the benchmark.'

(RADIOCOR) 18-05-26 13:25:52 (0287) 5 NNNN