UniCredit's bid for Commerzbank meets investor opposition and regulatory hurdles

Italian bank UniCredit has extended its voluntary exchange offer for Germany's Commerzbank until July 3, proposing 0.485 UniCredit shares for each Commerzbank share. So far 12.51% of Commerzbank shares have been tendered, but the majority – 11.17% – came from banks, with only 1.29% from institutional investors and 0.05% from private shareholders. UniCredit already holds about 26.8% of Commerzbank directly and aims to reach close to a 40% stake if the offer is fully accepted.

Commerzbank stresses that its shareholder structure remains largely unchanged, pointing to more than 500,000 retail investors and several hundred institutional investors still holding their positions. The bank argues the offer provides no adequate premium and urges shareholders to reject it, echoing concerns from the German government, which retains roughly 12% of Commerzbank and has signaled it will not sell its stake. Both banks dispute the interpretation of the tender figures, with UniCredit accusing the German side of inflating the numbers.

The dispute highlights broader national‑interest questions over a potential foreign takeover of a key German lender. The final result of the bid is expected to be announced on July 8.