“Unicredit does not offer a sufficient premium to our shareholders,” Commerzbank CEO Bettina Orlopp said in a statement.
The German bank is open to continued talks if Unicredit sweetens its offer and presents a strategy for the merger that builds on Commerzbank's strengths.
Unicredit is Commerzbank's largest shareholder and made a bid for the German bank in early May.
The bid is valued at around 37 billion euros based on Friday's closing price. Commerzbank's market capitalization at the time was around 39 billion euros, according to Bloomberg.
