UniCredit nears majority stake in Germany's Commerzbank

UniCredit has increased its holding in Commerzbank to 47.6% of the shares after a voluntary exchange offer, bringing its voting power to about 49.65% and approaching the threshold for effective control. The Italian bank says the move is part of a strategy to build a pan‑European banking champion and could allow it to nominate half of Commerzbank’s supervisory board.

The German government and the Bundesministerium der Finanzen have described UniCredit’s approach as “aggressive, hostile and unacceptable,” stressing the strategic importance of Commerzbank for Germany’s economy and warning against a loss of independence. Regulatory approval from the European Central Bank and BaFin is still required before any control can be exercised.

Commerzbank chief executive Bettina Orlopp said the bank remains open to constructive dialogue with UniCredit but highlighted the need for a broader agreement that protects minority shareholders, employees and the German banking network. Analysts see the deal as a potentially transformative consolidation in a fragmented European banking sector, with possible synergies but also significant political and integration challenges.