Commerzbank Works Council Files Criminal Complaint Against Unicredit, June 13

Commerzbank’s group works council filed a criminal complaint against Unicredit on June 13, accusing the Italian bank of market manipulation and investor deception. The complaint centers on Unicredit’s rapid share accumulation despite an offer priced 1.50 euros below the current stock price. Unicredit has collected 11.22 percent acceptance from shareholders, bringing its total stake to nearly 38 percent. The offer deadline runs through June 16, with possible extension to July 3.

Works Council Escalates Legal Fight

Commerzbank’s group works council, led by chairman Sascha Uebel, authorized the filing of a criminal complaint under German securities law paragraphs 119 and 120. The complaint alleges market manipulation and deliberate investor deception. Uebel stated the rapid share accumulation creates a false impression that Unicredit has already secured the takeover. The works council argues such accumulation without transparent communication breaches market rules.

Unicredit’s Stake Climbs Despite Below-Market Offer

Unicredit has collected 11.22 percent acceptance from shareholders through June 11, raising its total stake to approximately 37 percent. The offer values Commerzbank shares at 0.485 Unicredit shares per Commerzbank share, roughly 1.50 euros below the current market price of 36.83 euros. The works council questions why investors would accept an economically unattractive offer. Reports indicate most tendered shares came from banks and parties connected to Unicredit, including Nomura, rather than independent investors.

Regulators Step In as Tensions Rise

Germany’s financial watchdog BaFin has been notified and is reviewing the reported acceptance rates and underlying transactions. The regulator is examining whether the share accumulation follows legal requirements. Unicredit denies all allegations and maintains it has complied with all legal obligations. The company’s CEO Andrea Orcel dismissed the accusations as groundless. The offer deadline is June 16, with a possible extension to July 3.

Stock Holds Steady Despite Takeover Drama

Commerzbank stock closed at 36.83 euros on June 13, up 2.93 percent on the day. The stock trades 3.6 percent below its 52-week high of 38.4 euros and remains well above the offer value. Meyka rates CBK.DE a B with a neutral recommendation. The stock’s 12-month forecast stands at 51.32 euros, suggesting 39 percent upside from current levels. Volatility remains elevated at 28 percent, reflecting investor uncertainty over the takeover outcome.

Final Thoughts

The criminal complaint marks a major escalation in the takeover battle, with regulators now scrutinizing Unicredit’s share accumulation. With Meyka rating the stock B and forecasting 51.32 euros, the data suggests limited downside if the takeover fails.

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