UniCredit has asked Germany's BaFin to review statements made by Commerzbank in connection with its takeover offer.
According to Bloomberg, UniCredit rejected allegations relating to its disclosures and shareholding position, stating that it has acted in full compliance with German takeover and securities laws. The bank confirmed it has referred the matter to BaFin, Germany's federal financial supervisory authority, after Commerzbank had previously taken a similar step.
Escalating tensions between the two banks
The latest exchange marks a further escalation in the ongoing dispute between UniCredit and Commerzbank, which has centred on UniCredit's pursuit of a possible takeover of the Germany-based lender. The dispute now extends to how each party has communicated publicly about the process, with both banks turning to the national securities regulator to address claims made by the other.
UniCredit's statement frames the request to BaFin as a response to what it considers inaccurate characterisations of its conduct, particularly regarding disclosure obligations and its shareholding position in Commerzbank. Through the process of referring the matter to the regulator, UniCredit is seeking an independent assessment of whether Commerzbank's public statements have misrepresented the offer process.
Regulatory oversight of takeover disclosures
BaFin is responsible for supervising compliance with German securities and takeover law, including disclosure requirements that apply to parties involved in a public takeover offer. When a cross-border takeover situation involves competing public statements from both the bidder and the target company, regulators are typically asked to confirm whether those statements are consistent with applicable disclosure rules.
The fact that both UniCredit and Commerzbank have separately approached BaFin over statements made by the other side indicates that the dispute is being pursued through formal regulatory channels rather than solely in public commentary. Any findings from BaFin's review could have a bearing on how the offer process is perceived by shareholders and market participants going forward.
Implications for the takeover process
The dispute over public statements adds a further layer of complexity to an already closely watched takeover situation involving two of Europe's larger banking groups. For market participants following the case, the involvement of BaFin in assessing the accuracy of public communications from both sides may influence the tone and conduct of the offer process as it continues.
UniCredit has stated that it intends to continue to act in accordance with applicable German takeover and securities laws as the process moves forward. Further developments are likely to depend on BaFin's response to the referrals made by both banks.
