UniCredit exceeds 30% stake in Germany's Commerzbank

The Italian banking group UniCredit has raised its holding in Germany’s Commerzbank above the 30 % threshold that triggers a mandatory takeover offer under German law. By delivering an additional 7.58 % of Commerzbank’s share capital, UniCredit’s direct stake rose from 26.77 % to roughly 34 % (34.35 % in some reports). The voluntary exchange offer values each Commerzbank share at 0.485 UniCredit shares, allowing the bank to avoid a costly compulsory bid.

UniCredit also controls derivative positions that could be converted into another 3.22 % of shares and a cash‑settled exposure covering about 13 % of the capital. The offer, running until 16 June 2026, has been described by UniCredit as a “constructive engagement,” while Commerzbank’s management, labour representatives and the German state (which holds over 12 % of the bank) label it hostile and warn of potential job losses. Market reaction saw Commerzbank shares rise about 1.5 % to €37.5 and UniCredit shares gain 1.6 % to €74.9.