Commerzbank shares rise after German prosecutors drop market‑manipulation case against UniCredit

The Frankfurt public prosecutor's office dismissed a criminal complaint filed by Commerzbank employees that alleged UniCredit had inflated acceptance quotas in its takeover offer through securities‑lending tactics. Investigators found insufficient evidence of market manipulation, removing a legal risk for the German lender.

UniCredit now controls about 47.6% of Commerzbank’s capital, still short of the 75% threshold needed for a full merger. While the takeover process remains contested, Commerzbank’s CEO Bettina Orlopp is advancing an operational overhaul, shifting the bank’s card portfolio toward Visa Classic and introducing a €12.90 monthly fee for premium accounts.

The German financial regulator BaFin halted aggressive UniCredit advertising tied to the bid, and the European Central Bank has previously expressed support for a union‑wide banking consolidation that the merger would represent. Despite the prosecutor’s decision, political and procedural battles over control of Commerzbank are expected to continue.