(18 June 2026 – Germany) UniCredit is pursuing its long term ambition to take over German rival Commerzbank in one of the largest European banking deals in years set to create a pan-European giant.
Milan headquartered UniCredit has captured control of more than 42 percent of Commerzbank’s stock with a further economic interest in 13 percent following its tender offer earlier this year.
This brings UniCredit’s total holding to 42 percent encompassing a pre-existing 27 percent equity stake and three percent in share-settled derivatives.
Although the absolute final outcome will be released on 8 July and the group’s holdings should be suitable to give the Italian lender control of its rival’s board and management, the German government has officially rejected UniCredit’s binding offer for Commerzbank citing a low price and concerns about what it dubbed the Italian bank’s aggressive approach.
The German government holds a 12 percent stake in Commerzbank acquired after the 2008 global financial crisis and has long objected to UniCredit’s campaign for a tie-up.
“Accepting the offer was already not an option from a financial point of view, as it does not include an appropriate premium on the current share price of Commerzbank’s shares. We support Commerzbank’s independence, and note that the bank played a critical role in financing medium-sized Mittelstand companies as an integral player in Frankfurt, the nation’s financial hub. Both must continue to be ensured in the future” the German Finance Agency said in a statement.