Commerzbank has stated it "formally rejects UniCredit's persistent hostile takeover strategy," marking an escalation in the war of words between the two banks in their acquisition battle.

"The 'restructuring proposal' put forward by UniCredit is a speculative attempt to dismantle Commerzbank's successful business model, not a credible value creation plan," Commerzbank said in a statement on Monday. The bank was referring to proposals made by UniCredit earlier that day aimed at improving its performance. Commerzbank stated that UniCredit's actions "undermine the fundamental trust necessary for banking operations and harm the interests of all stakeholders."

UniCredit has been seeking to acquire Commerzbank since September 2024, but the latter has consistently rejected the advances. Commerzbank also indicated that recent discussions between the two banks failed to align their viewpoints.

Earlier on Monday, the Italian bank issued sharp criticism of Commerzbank's current strategy, describing it as suffering from "long-term underperformance" and stating that its "structural weaknesses" are merely "masked by favorable market conditions."