Unicredit lifts stake in Commerzbank to 37.7% after new share offers

On June 9, 2026 shareholders of Commerzbank tendered 10.91% of the bank's shares to UniCredit under a voluntary exchange offer (OPS). Combined with UniCredit’s existing 26.77% holding, the offer raises its total stake to 37.68% of Commerzbank’s voting rights.

UniCredit proposes to exchange 0.485 of its own shares for each Commerzbank share, a price below the current market level, but the offer avoids a mandatory takeover bid that would be triggered at the 30% threshold. The company says the offer can be extended beyond the June 16 deadline to July 3. Commerzbank has rejected any takeover.

UniCredit’s management stresses that all disclosures comply with German securities law and BaFin regulations, rejecting any claim that the bank overstated the level of tendered shares. The bank holds additional derivative instruments that give economic exposure to further Commerzbank shares, covering more than 98% of its overall position.