Commerzbank CEO Bettina Orlopp disputes UniCredit's OPS stake claims

UniCredit says it could control up to 50.76% of Commerzbank through its public swap offer (OPS) and related derivative contracts. Commerzbank chief Bettina Orlopp contests those figures, stating that only 0.05% of shares are held directly by retail investors and that most of the 7.58% OPS participation comes from banks such as Nomura that are linked to UniCredit via derivatives.

Orlopp has asked Germany’s financial regulator BaFin to examine how the OPS and derivative positions are accounted for, warning that the current discounted offer erodes value for all stakeholders. She said the bank remains open to dialogue if UniCredit improves the terms, but stressed that the proposal “destroys value” and is “not attractive.” Major investment funds, including BlackRock and Vanguard, have shown support for a resolution that favors a stronger, trans‑national banking group.

The dispute highlights regulatory scrutiny over cross‑border take‑overs in Europe and raises questions about the credibility of Germany’s banking sector amid broader EU efforts to create more resilient financial institutions.