CBK/UCG out of my experience in event driven making an offer during...
Gianluca c1 bis@gianlucac1bis
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Mar 16, 2026
~1 min read
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CBK/UCG
out of my experience in event driven
making an offer during a war, or a government crisis, or other situations like those, rarely ends well
The german government wasnt already positively inclined to UCG.
we will see if the situation has improved after the offer
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out of my experience in event driven
making an offer during a war, or a government crisis, or other situations like those, rarely ends well
The german government wasnt already positively inclined to UCG.
we will see if the situation has improved after the offer
1/3
JohannesBorgen@jeuasommenulle
GO GO GO !
UniCredit S.p.A. (the Bidder) has published its decision to make a voluntary public takeover offer (the Takeover Offer) to the shareholders of Commerzbank (the Commerzbank Shareholders) to acquire all shares in Commerzbank (the Commerzbank Shares).
UniCredit S.p.A. (the Bidder) has published its decision to make a voluntary public takeover offer (the Takeover Offer) to the shareholders of Commerzbank (the Commerzbank Shareholders) to acquire all shares in Commerzbank (the Commerzbank Shares).
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i would also add that the share offer, instead of a cash offer, gives hints on how UCG deems current dividend policy sustainable.
At face UCG is 2x PTAN vs 1,3x PTang for cbk, so it make sense
But UCG pays 10bn a year in divs and buybacks
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At face UCG is 2x PTAN vs 1,3x PTang for cbk, so it make sense
But UCG pays 10bn a year in divs and buybacks
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and if these were sustainable, UCG should have opted for a cash offer
if i was at my desk i would not put the merger arb on.
But CBK probably remains in play for other buyers (deutsche?)
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@jeuasommenulle @Phastidio @INArteCarloDoss @gbponz @degiorgiod
if i was at my desk i would not put the merger arb on.
But CBK probably remains in play for other buyers (deutsche?)
3/3
@jeuasommenulle @Phastidio @INArteCarloDoss @gbponz @degiorgiod