Commerzbank: RBC evokes a 'Trojan horse' with UniCredit

(CercleFinance.com) - On Wednesday, RBC reiterated its 'in line with sector performance' opinion and its price target of 15.
25 euros on Commerzbank shares, following the announcement of UniCredit's acquisition of a stake in the company.

In his opinion, the case remains "speculative", given that the Italian banking group's 9% stake could be used as "a Trojan horse".

Although the intermediary says he has many questions concerning the scenario of a possible acquisition, he considers the probability of a tie-up to be over 50%.

Moreover, the fact that the German government itself sold its 9% stake to UniCredit shows that Berlin would not be opposed to such a transaction, it adds.

In addition, RBC points out that European authorities have recently come out in favor of cross-border mergers, which again means that Brussels should be inclined to endorse the transaction.

According to its calculations, UniCredit should pay a premium on top of the 15.25 euro fundamental value it attributes to Commerzbank shares, leading it to estimate the current value of the share at 17.5 euros.

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