(Alliance News) - Commerzbank AG CEO Bettina Orlopp has reaffirmed her opposition to the exchange offer launched by UniCredit Spa, arguing that the tenders collected so far come primarily from Nomura and other banks often linked to UniCredit through derivative contracts, rather than from the German bank's institutional investors, as reported Thursday by Il Sole 24 Ore.

Speaking at a Goldman Sachs event in Zurich, Orlopp stated that institutional investors 'do not like the offer' and called it 'not economically rational' to tender to a proposal that incorporates a discount to market value.

According to the CEO, there is 'no reason why anyone should do it' under current conditions.

Orlopp further argued that the transaction 'destroys value for all stakeholders, not just ours but also UniCredit's'. In her view, should the exchange offer succeed, both Commerzbank and HVB, UniCredit's German subsidiary, would be negatively affected.

However, Orlopp left the door open to potential dialogue with UniCredit. 'If management is convinced that a friendly deal will be the best thing for the company, we will do it', she declared, adding that she has already personally contacted UniCredit to clarify the conditions necessary to initiate talks.

Among these, the CEO pointed to the requirement for an adequate premium for Commerzbank shareholders and respect for the German bank's business model.

'I have personally contacted UniCredit to let them know that we would be ready to do so', she concluded.

UniCredit shares are up 1.3% at EUR74.46 per share, while Commerzbank shares are rising 1.2% to EUR36.83 per share.

By Antonio Di Giorgio, Alliance News reporter

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