Unicredit intensifies bid for Germany's Commerzbank amid state resistance

Italian bank Unicredit has increased pressure on Germany's Commerzbank, aiming to raise its stake from the pre‑offer 26.77% to roughly 39.28% after acquiring an additional 12.51% through a share‑swap offer. The institute also claims access to options and other instruments that could lift its holding to over 42%, potentially reaching 44.33% once the target completes its own share buyback.

Unicredit's proposal offers 0.485 of its own shares for each Commerzbank share, a price the German lender says is "unverändert keine angemessene Prämie" (still not an adequate premium). The Commerzbank board has labeled the approach a hostile takeover, accused Unicredit of market manipulation, filed a criminal complaint, and involved the financial regulator BaFin. The German federal government, which retains about 12% of Commerzbank, has reiterated it will not sell its stake, emphasizing the bank's role in financing the German economy and the Frankfurt financial centre.

The takeover contest is set to continue until at least 3 July, after which Unicredit expects a final decision by 8 July.