UniCredit eyes Commerzbank stake

UniCredit is increasing its stake in Commerzbank to 29%, aiming to strengthen its position in Germany’s banking sector. The Italian bank, led by CEO Andrea Orcel, has converted derivatives representing 10% of Commerzbank shares into equity, gaining 20% voting rights. It also holds options on another 9%, making it the largest private shareholder.

However, a formal takeover has not begun. Regulatory approvals from the European Central Bank, Germany’s antitrust authority, and the U.S. Federal Reserve are still needed.

Commerzbank’s share price has surged 91% since UniCredit’s initial disclosure in September 2024, making any acquisition more costly and potentially delaying plans to 2027.

Berlin has reacted strongly. Finance Minister Lars Klingbeil criticized the move as a “hostile takeover,” while Commerzbank insisted it remains independent. Orcel’s call for talks on a cross-border merger was met with skepticism, including opposition from the Verdi trade union.