UniCredit has increased its stake in Commerzbank to 47.6% as of July 8, 2026, with potential voting rights reaching 49.7%. This follows a series of share acquisitions that began in 2024. In May 2026, the Italian bank launched an all-share tender offer valuing Commerzbank at €37 to 39 billion.
Initially, the bid faced opposition from the German government and Commerzbank management, who labeled it hostile. Only 2.7% of independent shareholders accepted the initial offer. However, the situation shifted in late July 2026 when the Commerzbank chairman formally invited the Italian lender to enter merger negotiations.
On September 14, 2026, the German Finance Minister specified conditions for the merger, including keeping the headquarters in Frankfurt and maintaining support for small and medium-sized enterprises. The potential deal requires approval from the European Central Bank and other regulators.
If the merger proceeds, the combined entity would manage assets exceeding €1.3 trillion. Analysts estimate the integration could result in workforce reductions of 7,000 to 11,000 positions. The German government retains a legacy stake in Commerzbank stemming from the 2008 financial crisis.
