Tuesday, 17 March 2026
UniCredit has taken a further step in its effort to increase its holding in Germany’s Commerzbank, announcing plans to launch an unsolicited offer that would take its stake above 30%.
The Italian banking group said it intends to offer 0.485 new UniCredit shares for each Commerzbank share, in line with minimum requirements under German takeover regulations. The formal offer is expected to be submitted in early May, after which Commerzbank shareholders would have around four weeks to respond.
UniCredit is already the largest shareholder in Commerzbank, holding approximately 26% directly and an additional 4% through derivatives. It began building its position in September 2024, initially acquiring a stake from the German government, which has since reduced its holding to around 12%.
The move could increase pressure for potential merger discussions, although UniCredit has stated that it is not pursuing a full takeover at this stage. “No takeover is planned,” the bank said, while reiterating the strategic rationale for closer integration.
Chief executive Andrea Orcel said a combination of the two banks could deliver broader benefits. “I believe that the merger would bring considerable added value not only to shareholders, but also to Germany and Europe. I hope that constructive dialogue will allow us to better reconcile our views and reach an agreement that will be in everyone’s interest,” he said.
The proposal has prompted mixed reactions in Germany. Boris Rhein, Minister-President of Hesse, where Commerzbank is headquartered, said the offer would be reviewed “carefully and without prejudice,” while emphasising the importance of safeguarding Frankfurt’s role as a financial centre and protecting the interests of employees and clients, particularly small and medium-sized enterprises.
Trade union Verdi reiterated its opposition to any takeover. “We believe that maintaining the independence of both institutions is a better option. We continue to pursue this goal. The announced offer to take over does not change that opinion,” union representatives said.
Political resistance also remains. According to German media reports, members of the Social Democratic Party, a coalition partner in the federal government, have expressed opposition to UniCredit’s plans.
UniCredit already operates in Germany through its subsidiary HypoVereinsbank. Chief executive Orcel has repeatedly argued that consolidation is needed in Europe’s banking sector to strengthen competitiveness against larger US institutions. However, previous attempts to advance a deal involving Commerzbank have faced resistance from management, labour representatives and the German government.
Following the announcement, Commerzbank shares rose by more than 4% in Frankfurt trading, while UniCredit shares declined by over 2% in Milan.
Source: CTK
