# UniCredit acquisition of Commerzbank

> Live situation record from CLSTR: https://clstr.news/situations/unicredit-acquisition-of-commerzbank
> Updated: 2026-09-08T05:22:00.000Z. Sources: 24. Developments: 3.

Following UniCredit’s acquisition of a significant stake in Commerzbank, Commerzbank supervisory board chairman Jens Weidmann has called for a formal review of German takeover laws. Weidmann criticized the ability of the Italian bank to secure approximately 48% of shares without providing an adequate control premium, noting that most tendered shares came from banks linked to UniCredit rather than institutional or private investors. He urged the German government to maintain its 12% stake to protect national interests and warned of potential domestic cost-cutting measures.

UniCredit expects to submit a formal notification for the acquisition to the European Commission in September. While initial approval from competition authorities could arrive between October and November, an in-depth investigation by the European Commission could delay a final decision until as late as May 2027. If approved, the merger would create a pan-European banking entity with a combined market capitalization of approximately €168 billion, representing the largest cross-border banking transaction in Europe since the 2007 acquisition of ABN Amro.

However, the pursuit of Commerzbank may force UniCredit to inherit complex legal and financial liabilities in Russia. Commerzbank maintains two Russian entities, Commerzbank Eurasija and Dom na Naberezhnoy 2, which would pass to UniCredit upon a successful takeover. This exposure follows a 2024 ruling by a St. Petersburg court that froze Commerzbank’s Russian assets. Furthermore, the acquisition faces regulatory hurdles in Russia, where the indirect change of ownership must be reviewed by the Central Bank of Russia and the national competition authority, ultimately requiring approval from President Vladimir Putin.

## Claims

- Commerzbank maintains two Russian entities: Commerzbank Eurasija and Dom na Naberezhnoy 2. (corroborated by 3 sources)
- A court in St. Petersburg froze the assets and shares of Commerzbank's Russian subsidiary in the spring of 2024. (corroborated by 3 sources)
- The freezing of assets was part of a sentence totaling nearly 100 million euros. (corroborated by 3 sources)
- UniCredit has provisioned 554 million euros for the 2025 fiscal year to address legal proceedings. (corroborated by 3 sources)
- UniCredit agreed to sell part of its Russian assets to a private investor from the United Arab Emirates in May. (corroborated by 3 sources)
- The indirect change of ownership for Commerzbank's Russian subsidiaries requires approval from the Central Bank of Russia and the Russian competition authority. (corroborated by 3 sources)

## Timeline

### 2026-09-08: UniCredit's Commerzbank bid risks inheriting Russian legal disputes

UniCredit's potential acquisition of Commerzbank could expose the Italian bank to frozen Russian assets and ongoing legal disputes involving Commerzbank's Russian subsidiaries.

3 sources. https://clstr.news/cluster/unicredits-commerzbank-bid-risks-inheriting-russian-legal-disputes

### 2026-09-01: UniCredit targets Commerzbank acquisition approval from EU

UniCredit plans to formally notify the European Commission of its bid for Commerzbank in September, aiming for initial approval by late 2024.

6 sources. https://clstr.news/cluster/unicredit-targets-commerzbank-acquisition-approval-from-eu

### 2026-08-23: Commerzbank chair calls for review of German takeover laws after UniCredit bid

Commerzbank chair Jens Weidmann has called for a review of German takeover laws after UniCredit secured a 48% stake through a process he claims bypassed adequate shareholder premiums.

17 sources. https://clstr.news/cluster/tech-and-energy-firms-navigate-ai-shifts-and-market-volatility

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Cite as: UniCredit acquisition of Commerzbank. CLSTR, https://clstr.news/situations/unicredit-acquisition-of-commerzbank