UniCredit's Hostile Takeover of Commerzbank Rejected by German Government
Italian bank UniCredit increased its stake in German lender Commerzbank to over 42% via a takeover offer, prompting broad opposition. The German government formally rejected the €39 billion bid, calling it hostile and backing Commerzbank's independence. Legal disputes have arisen, including market manipulation investigations, as UniCredit CEO Andrea Orcel pushes to create a dominant German bank. The standoff underscores nationalistic divides in Eurozone banking consolidation.
Cross-source coverage
Wire timeline
UniCredit increases Commerzbank stake to 42.5% after initial offer period
UniCredit has lifted its overall holding in Commerzbank to 42.5% following the close of the first acceptance period for its takeover offer. The Italian lender received valid acceptances equal to 12.51% of Commerzbank shares, which combined with its existing direct stake of 26.77% and a further 3.22% linked to financial contracts, brings its total position to 42.5%. UniCredit will reopen the bid for Commerzbank investors from 20 June to 3 July. The move brings CEO Andrea Orcel closer to his long-running attempt to increase UniCredit's position in the German bank. However, earlier this month German federal authorities rejected UniCredit's proposal to exchange shares for a stake, stating the offer did not provide a sufficient premium. Officials reiterated their support for Commerzbank's independence, emphasizing its role in financing German companies, particularly the medium-sized corporate sector.
Yahoo FinanceUniCredit lifts Commerzbank holding to 42.5%
Italian lender UniCredit announced it has increased its overall holding in German bank Commerzbank to 42.5% following the end of the first acceptance period for its takeover offer. UniCredit received valid acceptances for 12.51% of Commerzbank shares, which, combined with its existing direct stake of 26.77% and 3.22% tied to financial contracts, brings the total to 42.5%. The offer will be reopened for two weeks from June 20 to July 3 for remaining investors. This move brings CEO Andrea Orcel closer to his long-standing goal of expanding UniCredit's position in Commerzbank, despite ongoing opposition from German federal authorities. Earlier this month, Germany rejected UniCredit's share exchange proposal, citing insufficient premium and reaffirming support for Commerzbank's independence, emphasizing its importance to German corporate financing, especially for medium-sized companies.
Yahoo FinanceGermany rejects UniCredit’s share exchange offer for Commerzbank
Germany's federal authorities have rejected UniCredit's proposal to swap shares for a stake in Commerzbank, reaffirming opposition to any deal between the two banks. The decision was made by the interministerial steering committee of the Financial Market Stabilisation Fund, which cited insufficient premium to Commerzbank's share price. Officials reiterated support for Commerzbank remaining a standalone institution, emphasizing its importance for funding German businesses, especially mid-sized firms, and its role as a key employer in Frankfurt's financial sector. Germany owns 12% of Commerzbank from the 2008 financial crisis and has consistently resisted UniCredit's efforts. The rejection follows a criminal complaint from Commerzbank's workers' council over UniCredit's share purchases below market value. UniCredit stated its disclosures complied with German securities laws. The offer, open since early May, is due to run until 16 June, with possible extension under takeover rules.
Yahoo FinanceGermany rejects UniCredit’s share exchange offer for Commerzbank
Germany's federal authorities have rejected UniCredit's proposal to swap shares for a stake in Commerzbank, reaffirming opposition to any deal between the two banks. The decision was made by the interministerial steering committee of the Financial Market Stabilisation Fund, which cited insufficient premium to Commerzbank's share price as a financial ground for rejection. Officials reiterated support for Commerzbank remaining a standalone institution, emphasizing its importance for funding German businesses, especially mid-sized firms, and its role as a key employer in Frankfurt's financial sector. Germany holds a 12% stake in Commerzbank from the 2008 financial crisis, giving it representation on the supervisory board. The rejection follows a criminal complaint from Commerzbank's workers' council over UniCredit's share purchases below market value. UniCredit maintains compliance with German securities laws. The offer, open since early May, is due to expire on 16 June but may be extended.
Yahoo FinanceBerlin Rejects UniCredit's Aggressive Commerzbank Takeover Bid
The German government formally rejected UniCredit's unsolicited €24 billion all-stock buyout offer for Commerzbank, citing lack of premium and aggressive tactics. Despite Berlin's veto, UniCredit secured control over 42.4% of Commerzbank's capital through a combination of direct equity, derivatives, and tender acceptances, surpassing the 30% takeover threshold. The deal has sparked a legal dispute, with Frankfurt prosecutors investigating potential market manipulation related to UniCredit's use of total return swaps. The standoff highlights nationalistic divides in Eurozone banking consolidation, as UniCredit CEO Andrea Orcel aims to create a dominant German lender rivaling Deutsche Bank. The European Central Bank's approval to exceed the 30% ownership threshold is pending.
Yahoo FinanceBerlin Rejects UniCredit's Hostile Commerzbank Takeover Bid
The German government formally rejected UniCredit's unsolicited €24 billion all-stock buyout offer for Commerzbank, citing lack of premium and aggressive tactics. Despite Berlin's veto, UniCredit secured control over 42.4% of Commerzbank's capital through a combination of direct equity, derivatives, and tender acceptances, surpassing the 30% takeover threshold. The dispute has escalated into a legal battle, with Frankfurt prosecutors investigating potential market manipulation related to UniCredit's use of total return swaps. Commerzbank's workers' council filed a criminal complaint, arguing the synthetic hedges distorted the bid's perceived popularity. The standoff highlights nationalistic divisions in Eurozone cross-border banking consolidation, with UniCredit CEO Andrea Orcel aiming to create a dominant German lender rivaling Deutsche Bank. ECB authorization for ownership beyond 30% is pending.
Yahoo FinanceUnicredit vs. Commerzbank: From Takeover to Mud-Slinging
The conflict between Italy's Unicredit and Germany's Commerzbank over control of Germany's third-largest bank escalates as Unicredit increases its stake to 42% through a share exchange offer. Commerzbank's leadership, supported by the works council and the German federal government (which holds 12% of shares), resists the hostile takeover. The works council filed a criminal complaint for suspected market manipulation, while Unicredit threatens to elect its own supervisory board members and potentially replace Commerzbank's CEO Bettina Orlopp. German authorities deem Unicredit's offer financially unattractive but cannot block the acquisition outright.
taz.de - taz.deGermany Rejects UniCredit’s 39 Billion Euro Commerzbank Takeover Offer
On June 16, 2026, the German government formally rejected UniCredit's 39 billion euro takeover bid for Commerzbank. The Finance Agency stated that Commerzbank plays an important role in financing the German economy and backed the bank's independence. The government opposed what it described as the Italian lender's 'aggressive approach,' signaling strong national resistance to foreign acquisition of a major domestic financial institution.
The Business TimesGermany Rejects UniCredit's €39 Billion Commerzbank Takeover Offer
The German government has formally rejected UniCredit's €39 billion takeover offer for Commerzbank, publicly backing the German bank's independence. The Finance Agency stated that Commerzbank plays an important role in financing the German economy. German officials expressed opposition to the Italian lender's 'aggressive approach' in the takeover attempt. The decision signals strong government preference to maintain domestic control over a key financial institution, reflecting broader European concerns about cross-border banking consolidation and national economic sovereignty.
The Business TimesUniCredit Increases Commerzbank Stake to 34.4% via Takeover Offer
Italian bank UniCredit has raised its directly held stake in German lender Commerzbank to 34.4% through a takeover offer launched on May 5, 2026. Shareholders have tendered stock equivalent to 7.6% of Commerzbank's capital, with the offer remaining open until June 16. The offer, which is currently below market price, proposes 0.458 new UniCredit shares for each Commerzbank share. Including derivatives, UniCredit's overall holding reaches 37.6%. The German government, which still holds 12% of Commerzbank, maintains its opposition, describing the approach as hostile. UniCredit CEO Andrea Orcel faces pressure to complete the transaction after previous failed takeover attempts. The bank states the early tender response reflects investor recognition of the offer's value.
Yahoo FinanceUniCredit Stake in Commerzbank Reaches 34.4%
UniCredit has increased its directly held stake in Commerzbank to 34.4% through a takeover offer launched on May 5, which has faced broad opposition in Germany. Shareholders have tendered stock equal to 7.6% of Commerzbank's capital, with the offer remaining open until June 16. UniCredit also holds derivatives linked to 16.4% of Commerzbank's share capital, bringing its overall holding to 37.6% when including share-settled instruments. The German government, which still holds 12% of Commerzbank, maintains its opposition and describes the approach as hostile. UniCredit CEO Andrea Orcel is under pressure to complete the transaction after previous failed takeover attempts. The offer values Commerzbank at €35.75 per share, below its market price of €37.
Yahoo Finance