Italy’s UniCredit has reportedly secured commitments that will take its stake in Commerzbank well above 30%, despite the stiff resistance from the German venture.
Commerzbank, in May 2026, formally rejected a takeover offer by its Italian counterpart, digging in its heels in its months-long resistance. It is worth mentioning that around the same time, UniCredit emerged as Commerzbank’s largest shareholder.
Since September 2024, UniCredit and its CEO Andrea Orcel have been in constant news for their repeated attempts, including unsolicited offers, to buy Commerzbank shares in a deal that values the bank at nearly 39 billion euros (USD 45.37 billion), below its market price.
Commerzbank, last month, panned the deal, with the company’s supervisory and management boards recommending the shareholders not to accept UniCredit’s offer.
“The offer does not reflect the fundamental value of Commerzbank. It is vague, entailing considerable risks,” the German venture used these words. UniCredit’s repeated attempts have become a source of discomfort in Germany’s political and business circles, with Commerzbank executives, along with Germany’s government and bank employees, finding a common ground in criticizing the tie-up attempt.
“UniCredit’s takeover offer does not offer an adequate premium to our shareholders. What is described as a combination is in fact a restructuring proposal that would massively impact our proven and profitable business model,” said Commerzbank CEO Bettina Orlopp in April.
It is worth mentioning that after taking over a 9% stake in Commerzbank in September 2024, UniCredit has steadily amassed things close to 30%. UniCredit, in May, hit back at its German counterpart, calling many of the latter’s statements “unfounded or unsupported,” vowing to respond with more detail “in due course.” As per UniCredit CEO Andrea Orcel, Commerzbank has not been living up to its potential, and Europe would benefit from bigger banks in a world of chaotic geopolitics.
Commerzbank’s other concern has been up to 11,000 full-time job cuts that would come with the takeover by UniCredit. It also warned that investors who accepted the offer exposed themselves to UniCredit business risks in Russia and its large Italian government bond holdings.
Among Commerzbank’s investors, Andreas Thomae of Deka Investment called UniCredit’s offer “unattractive” and warned that its plans could bog Commerzbank down for years “with the risk of losing its customer focus.”
“The voluntary exchange offer is currently not an option,” he remarked during Commerzbank’s annual shareholder meeting last month.
“We are deeply concerned that if his plans go through, they will not be strategically sound, they will lead to job losses, and they will also threaten German small and medium-sized businesses,” Frederik Werning, a union official and Commerzbank supervisory board member, recently told Reuters.