Commerzbank CEO Bettina Orlopp has reaffirmed her criticism of the takeover overtures from Italy's UniCredit. Speaking at a Goldman Sachs conference on Thursday, she stated that a hostile takeover would be the worst possible scenario, warning that it would destroy significant value. Orlopp criticized the approach taken by the Milan-based banking giant, which now holds more than 30 percent of Commerzbank shares, describing it as lacking transparency.

UniCredit has submitted a takeover bid that is currently priced below Commerzbank's market share price. 'This offer is not attractive.' She noted that a significant premium over the share price would be required. Consequently, the Commerzbank executive board is exploring alternatives, maintaining that the bank can create shareholder value as a standalone entity.

The Frankfurt-based lender has raised concerns regarding the takeover bid with the financial regulator Bafin in Bonn. On Tuesday, UniCredit announced that 7.58 percent of Commerzbank shares had been tendered to it. This would push UniCredit past the critical 30 percent ownership threshold. Since the value of the offer is currently below Commerzbank's market price, there is effectively no incentive for shareholders to accept the lower bid.

(Reporting by Christian Krämer, edited by Kerstin Dörr. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for corporate and markets).)