UniCredit stake in Commerzbank hits 34.4%

UniCredit's stake in Commerzbank has advanced to 34.4% as of May 2026, following its takeover offer initiated on May 5. Shareholders have tendered stock equivalent to 7.6% of Commerzbank's capital, with the offer remaining open until June 16. The current bid is below the market price, a common strategy for large investors to wait until the offer's closing days.

This voluntary share exchange aims to raise UniCredit's direct holding from 27% to over 30%, which triggers a mandatory takeover threshold. This would enable UniCredit to acquire additional Commerzbank shares on the open market. Including derivatives, UniCredit's total exposure to Commerzbank amounts to 37.6%, though most derivative positions are cash-settled, offering flexibility.

Germany's finance ministry has acknowledged the developments, maintaining its opposition to UniCredit's "hostile" approach. The German government currently holds a 12% stake in Commerzbank. UniCredit's CEO, Andrea Orcel, is under pressure to complete a transaction after previous takeover efforts stalled. The proposed offer involves exchanging 0.458 new UniCredit shares for each Commerzbank share tendered, valuing Commerzbank at €35.75 per share.