Commerzbank finalizes takeover of comdirect
Commerzbank today announces that it has successfully completed the full takeover of comdirect bank Aktiengesellschaft.
On November 2, 2020, the merger was entered in the Commercial Register of Commerzbank and therefore became effective. This brings the independence and stock-market listing of comdirect formally to an end.
The shares of the remaining comdirect minority shareholders will be transferred to Commerzbank in return for a cash compensation of €12.75 per share within the next few days.
Following the merger, Commerzbank and comdirect will initially continue to operate their service offering as before. However, the aim is to merge and expand the offerings of the two banks. The new joint business model still needs to be defined and negotiated with the employee representatives. The previous comdirect locations Quickborn and Rostock will be retained. All employment relationships of comdirect employees that existed on the date of the merger are transferred to Commerzbank.
Let’s recall that, on October 30, 2019, Commerzbank AG published the offer document relating to the voluntary public acquisition offer for all the outstanding shares of comdirect. The aim of the deal is to merge comdirect into Commerzbank so as to draw on comdirect’s strong digital expertise and innovative capability for the benefit of all Group customers. The integration will also give comdirect the opportunity to scale up its offering through Commerzbank.
The offer published back in October 2019 envisaged comdirect’s shareholders to get €11.44 per share in cash. The offer period for the acquisition offer ran until December 6, 2019.