UniCredit Tightens Grip on Commerzbank as Stake Climbs Above 34%

UniCredit has strengthened its position in Commerzbank after increasing its direct holding in the German lender to 34.4%, marking a significant step in one of Europe’s most closely watched banking takeover battles.

The increase follows the launch of UniCredit’s exchange offer on May 5 and takes the bank comfortably beyond the 30% ownership threshold that has shaped its approach to Commerzbank over the past year.

Investors have so far tendered shares representing 7.6% of Commerzbank’s capital under the offer, which remains open until June 16. Including derivative positions linked to Commerzbank shares, UniCredit’s overall economic exposure now stands at approximately 37.6%.

In a statement issued on Tuesday, June 3, the Italian bank said: “UniCredit views the strength of the early tender response as reflective of the inherent value that investors are recognizing in UniCredit’s takeover offer.”

UniCredit’s statement added that this move had met its objective for greater flexibility to increase its holding through future market purchases while avoiding uncertainty created by German takeover rules. The lender already held a stake of roughly 27% before the latest round of acceptances.

The development is unlikely to soften opposition in Germany. Commerzbank’s management has repeatedly rejected the Italian bank’s advances, arguing that the offer undervalues the business and creates unnecessary risks for shareholders.

Meanwhile, the government in Berlin, which still owns around 12% of Commerzbank following its financial crisis rescue, has also described UniCredit’s pursuit as hostile.

The outcome of the tender offer is expected later this month. UniCredit said that, subject to regulatory approvals, settlement would be completed by H1 2027 at the latest.