In what seems to be the further climbdown from the opposition against the UniCredit’s “hostile” takeover attempts, Commerzbank’s CEO Bettina Orlopp has told employees that there will be further talks with the Italian lender about a potential tie-up as the Andrea Orcel-led venture nears control in its 45 billion euro (USD 51.80 billion) bid for the German counterpart.
The announcement, made to staff on the bank’s intranet and seen by the media outlet Reuters, marks a significant turn in the months-long battle over control of Germany’s second-largest lender.
While Orlopp and her management team have been opposed to a tie-up, they have conducted several – yet unsuccessful – talks with UniCredit in the past months.
“In the weeks and months ahead, Commerzbank and UniCredit will engage in discussions to determine, step by step, how to move forward,” Orlopp told employees in the internal post, while stating the goal of the talks will be to strengthen the bank’s systemic relevance to Germany.
“The German federal government, employee representatives, and our supervisory board have all made clear that they now expect UniCredit to engage with Commerzbank constructively. And I think UniCredit is ready for that, too. Because without dialogue, there can be no value creation,” she said further.
Orcel also expressed the willingness to negotiate with the German government and Commerzbank employees. However, the approach, as per the analysts, would be a problematic one, as it looks to sidestep the German lender’s management.
It is worth mentioning that the German Finance Ministry oversees a 12% stake in the Commerzbank, which has been held by the government since the venture’s bailout during the global financial crisis.
UniCredit invested in Commerzbank in September 2024, launching a nearly two-year tug-of-war that pitted Italy’s and Germany’s number two banks against each other. UniCredit has since built a 48% stake in its rival.
Orlopp’s statement comes after the message of the bank’s chairman, Jens Weidmann, who said that the Italian bank’s dominance of its shareholder base meant “constructive talks” were needed to establish a framework in the interests of shareholders and staff.
While stating that Commerzbank would have preferred a different outcome from the whole saga, Weidmann implied that he had no other choice but to enter the talks with the Orcel-led venture.
“We have to have constructive talks to establish the key parameters for staff, shareholders and the customers of the bank. Everyone needs to act like adults now, because one thing is certain: These discussions are in UniCredit’s interest as well, and there will be no shortcut via Berlin,” Weidmann said.
Weidmann’s response came within the 24 hours of UniCredit’s remark, in which it asked its German counterpart to start adopting the strategy the Italian bank has mapped out in January 2026.
Orcel, from his part, raised the pitch further by stating that his business had the option of using its 48% stake to install a new board.
The whole takeover saga, which has also seen severe opposition from the German government, has been the grim reminder about the difficulty of merging large banks across Eurozone countries, despite policymakers wanting more tie-ups to compete with bigger American rivals.