UniCredit raises stake in Commerzbank above 30% voting threshold

UniCredit has used a voluntary public exchange offer (Ops) to increase its holding in Germany's Commerzbank to 34.35 % of voting rights, surpassing the 30 % threshold that would give it greater governance influence. The offer exchanges 0.485 UniCredit shares for each Commerzbank share and is priced below the current market level. Shareholders tendered 7.58 % of Commerzbank’s equity, while UniCredit also controls additional exposure through derivatives, bringing its overall economic interest potentially above 50 % of the bank.

The German federal government, which retains about 12 % of Commerzbank, and the bank’s management have publicly opposed the proposal. CEO Bettina Orlop warned that a takeover could lead to the loss of up to 11,000 jobs, far exceeding the bank’s own restructuring plan. German regulator BaFin has opened investigations into the derivative contracts used by UniCredit, examining possible market‑conduct violations.

UniCredit argues that a merger would create one of the Euro‑area’s largest banking groups, delivering billion‑dollar synergies and strengthening its presence in Germany through its existing HVB subsidiary. The voluntary offer remains open until 16 June, with a possible extension to early July, after which definitive results will be announced.