UniCredit expands stake in Commerzbank amid takeover bid

Italian banking group UniCredit has increased its shareholding in Germany's Commerzbank, securing roughly 37.7% of the lender's ordinary shares and, together with term contracts, controlling about 40.9% of the equity. Additional contracts could raise its effective ownership to over 50%, giving UniCredit a potential majority stake.

Commerzbank, which is resisting the bid, outlined a 2.7 billion‑euro capital return programme for 2025, including a dividend of €1.10 per share. Only 7.58% of Commerzbank shares have been tendered so far, reflecting investor scepticism. UniCredit’s offer of 0.485 of its own shares per Commerzbank share remains below the current market price, prompting criticism from the German bank that the proposal undervalues its shares.

The takeover attempt coincides with the European Central Bank’s June 11 interest‑rate decision, after which the tender‑offer deadline expires five days later, a timing that may influence market dynamics and the eventual valuation of the deal.