UniCredit pushes to take control of Germany's Commerzbank amid shareholder dispute

Italian banking group UniCredit launched a share‑exchange offer on 13 May to acquire shares of Germany's Commerzbank, aiming to raise its stake to above 40 % and ultimately gain control of the lender. UniCredit has issued new shares worth €6.7 billion to finance the transaction, and the offer is set to close on 16 June, with a possible extension to 3 July.

Commerzbank has challenged the level of support for the offer, claiming that many of the shares pledged come from institutions and entities linked to UniCredit that did not previously hold significant positions. The German bank alleges possible market manipulation, says its share price stays above the offer price, and plans to notify regulator BaFin. UniCredit rejected these accusations, describing them as unfounded and affirming compliance with all rules.

The outcome could have broader repercussions, as Commerzbank owns Poland's mBank. Analysts warn that a successful takeover may lead to the sale of mBank or other foreign assets, impacting the Polish banking sector. The German government sees the contested bid as a political setback, given its preference for an independent Commerzbank.