(Il Sole 24 Ore Radiocor) - Milano, 16 mar - The German bank Commerzbank said that it "took note" of UniCredit's announcement of a public takeover offer to acquire its shares but said the announcements lacks additional information on "key terms of a value-creating transaction that "would be a necessary basis for potential discussions." 'Our top priority is to create sustainable value for our shareholders and all stakeholders of Commerzbank," commented Commerzbank CEO Bettina Orlopp in a statement. "We are convinced of the strength and potential of our strategy, which focuses on independence and profitable growth. This move is not coordinated with us. The exchange ratio expected in the announcement does in fact not include a premium for our shareholders.' UniCredit currently holds a direct stake of around 26% in Commerzbank and an additional stake of about 4% is held via total return swaps.

The Italian bank announced earlier today day it was launching a voluntary exchange offer to take over 30% in Commerzbank to overcome the 30% cliff-edge that exists under German takeover law and foster constructive engagement with Commerzbank and its stakeholders in the coming weeks.

While the offer exchange ratio will be determined by the German market regulator BaFin in coming days based on the three-month volume weighted average price of both Commerzbank and UniCredit, UniCredit expects this to be 0.485 shares of UniCredit per share of Commerzbank implying a 30.8 euros price per Commerzbank share, or a 4% premium as of closing on March 13.

UniCredit added that it has no expectations of achieving control of the German lender, but the move would both remove the need for it to continuously adjust its stake to remain under the 30% threshold due to the ongoing Commerzbank share buyback programme as well as opening the opportunity for it.

to increase its stake freely in the open market.

(RADIOCOR) 16-03-26 13:02:02 (0298) 5 NNNN