Commerzbank Rejects UniCredit’s €37 Billion Offer as Too Low (2)

Commerzbank AG dismissed UniCredit SpA’s €37 billion ($43 billion) takeover bid as too low and urged investors to spurn it, further ratcheting up the heat in the 19-month-long takeover saga.

UniCredit “does not offer an adequate premium to our shareholders,” Commerzbank Chief Executive Officer Bettina Orlopp said in a statement on Monday, reflecting the formal assessment by the bank’s management board and supervisory board.

Commerzbank is open to talks if UniCredit improves the offer and presents a strategy for the combined entity that “builds on the strengths” of its business model, it said. However, UniCredit’s current proposals rely on ...