German prosecutors have rejected a criminal complaint filed by Commerzbank employees alleging market manipulation by UniCredit in its hostile takeover bid. The Frankfurt prosecutors' office said it found insufficient indication of a crime after reviewing the matter. The staff body had accused UniCredit of artificially inflating acceptance figures, claiming that entities connected to the Italian lender were almost exclusively accepting the offer. UniCredit has denied any malpractice and recently secured a total of 49.65 percent of Commerzbank voting rights, though Commerzbank said the acceptance rate among independent shareholders was low.
UniCredit SpAProsecutors found no crime, clearing UniCredit of market manipulation allegations in its takeover bid
Commerzbank AGProsecutors rejected complaint, removing legal risk for Commerzbank but takeover pressure remains