German prosecutors find no market manipulation in Commerzbank‑UniCredit takeover dispute

In the ongoing takeover contest between Germany's Commerzbank and Italy's UniCredit, the Commerzbank works council filed a criminal complaint alleging market manipulation. The council claimed UniCredit had provided misleading information and swiftly acquired Commerzbank shares at a price below the market, raising suspicions of price influence.

The Frankfurt public prosecutor's office concluded its review and announced that it will not open a criminal investigation, stating that "insufficient factual indications of a criminal act were found." No further details were given because the takeover process is not yet finalized and potential share‑price effects remain uncertain.

UniCredit has disclosed that it now holds just over 47% of Commerzbank shares, narrowly missing a majority. Commerzbank's management and Germany's financial regulator BaFin have repeatedly questioned UniCredit's statements, while UniCredit denies any wrongdoing.