UniCredit closes in on Commerzbank takeover

Italian banking group UniCredit has increased its stake in Germany’s Commerzbank to more than 30 percent, now holding about 34.35 percent of the shares. With the ownership level above the 25 percent threshold, UniCredit can continue buying shares without triggering a mandatory cash offer. The bank’s latest proposal offers 0.485 UniCredit shares for each Commerzbank share, valuing the German lender at roughly €35.80 per share—below the current market price of around €37.10. The offer remains open until 16 June, with a possible extension to 3 July.

Commerzbank’s board has raised concerns that the bid undervalues the bank, especially after the German lender reported an 11 percent rise in Q1 operating profit and announced a dividend increase to €1.10 per share. Analysts have upgraded the stock, citing strong earnings and a planned €5.9 billion profit target for 2030. The German financial regulator BaFin has been asked to review the transaction after Commerzbank accused UniCredit of inflating its shareholding through derivative arrangements. Market participants are watching for a potential improvement to the offer, while UniCredit may be positioned to acquire up to 50 percent of Commerzbank through additional financial instruments.