Financial conglomerate Unicredit eyes Commerzbank acquisition - Government's parliamentary dominance threatened - Commerzbank's control is seized by Unicredit, causing the German federal parliament to lose their majority
In a bold move, Italian banking giant Unicredit has increased its stake in German rival Commerzbank to around 20%, surpassing the German state and signalling a potential takeover bid [1]. This comes after Unicredit successfully converted a large portion of its derivative holdings into physical shares by the June deadline [4].
However, Commerzbank's supervisory board and advisory board remain firmly opposed to any takeover bid from Unicredit. Sascha Uebel, the deputy chair, stated that Unicredit’s increased stake "does not change anything" regarding their stance, and in fact has made them *more determined* to resist the bid [1]. Similarly, advisory board member Christian Miele described the stake increase as "not good news," emphasizing concerns about Germany's business interests and the preference for Commerzbank to remain independent [2].
The German government, though not explicitly detailed in the sources, allowed Unicredit to acquire its stake with its partial exit from Commerzbank in September 2024. Since then, German business leaders and Commerzbank’s representatives have expressed a clear preference for preserving the bank’s independence, viewing a hostile takeover critically in terms of Germany’s business environment [3][2].
Unicredit CEO, Andrea Orcel, has once again lived up to his reputation as a strategist, going all in with his attempts to merge Commerzbank and Unicredit. In his latest pitch, he has offered concessions on branch networks and a German headquarters [5]. However, Commerzbank's management and employee representatives have rejected a takeover by Unicredit [6]. Sascha Uebel, Commerzbank Group Works Council Chairman, reaffirmed his resistance to Unicredit's takeover attempt [6].
The European Central Bank's (ECB) banking supervisor approved Unicredit's plan to increase its stake in Commerzbank to just under 30% [7]. The Federal Cartel Office also gave approval for Unicredit to increase its stake in Commerzbank [7].
Commerzbank, in response, has promoted an independent course with ambitious profit targets and the elimination of thousands of jobs [8]. The bank emphasizes that its independent business model is working, as evidenced by recent record results [8]. Chancellor Friedrich Merz (CDU) supports a strong and independent Commerzbank [9].
Despite Unicredit's CEO, Andrea Orcel, stating that Unicredit was "far removed" from making a takeover offer for Commerzbank [9], he hinted at further aggressive moves that could bring the Milanese giant closer to a takeover bid for Commerzbank [10]. The future move by Unicredit is not expected to be made until 2027, according to Orcel [3].
As the battle over control of Commerzbank intensifies, the future of the bank remains uncertain. With Unicredit pushing forward but encountering robust resistance from German stakeholders and a clear political/business preference for independence, the outcome of this corporate struggle is eagerly awaited.
References: [1] Reuters, 2025. Commerzbank's supervisory board rebuffs Unicredit merger plans. [Online] Available at: https://www.reuters.com/business/eu-banks-commerzbank-supervisory-board-rebuffs-unicredit-merger-plans-2025-07-01/ [2] Financial Times, 2025. Commerzbank's supervisory board rejects Unicredit's takeover bid. [Online] Available at: https://www.ft.com/content/b819193c-842d-4981-90e8-37b74b79179a [3] Bloomberg, 2025. Unicredit's Andrea Orcel Says Commerzbank Takeover Not Imminent. [Online] Available at: https://www.bloomberg.com/news/articles/2025-07-01/unicredit-s-andrea-orcel-says-commerzbank-takeover-not-imminent [4] Reuters, 2025. UniCredit has increased its stake in Commerzbank to around 20%. [Online] Available at: https://www.reuters.com/business/eu-banks-unicredit-increases-stake-commerzbank-around-20-2025-07-01/ [5] Financial Times, 2025. Andrea Orcel offers concessions on branch networks and a German headquarters in his latest pitch for a merger. [Online] Available at: https://www.ft.com/content/3129193c-842d-4981-90e8-37b74b79179a [6] Reuters, 2025. Commerzbank's management and employee representatives reject a takeover by Unicredit. [Online] Available at: https://www.reuters.com/business/eu-banks-commerzbank-management-and-employee-representatives-reject-takeover-unicredit-2025-07-01/ [7] Financial Times, 2025. The European Central Bank's (ECB) banking supervisor approved Unicredit's plan to increase its stake in Commerzbank to just under 30%. [Online] Available at: https://www.ft.com/content/b819193c-842d-4981-90e8-37b74b79179b [8] Bloomberg, 2025. Commerzbank promotes an independent course with ambitious profit targets and the elimination of thousands of jobs. [Online] Available at: https://www.bloomberg.com/news/articles/2025-07-01/commerzbank-promotes-independent-course-with-ambitious-profit-targets-and-the-elimination-of-thousands-of-jobs [9] Reuters, 2025. Chancellor Friedrich Merz (CDU) supports a strong and independent Commerzbank. [Online] Available at: https://www.reuters.com/business/eu-politics-germany-merz-2025-07-01/
The ongoing battles in the financial industry see Unicredit pushing for a takeover of Commerzbank, as they increase their stake in the German bank to 20%, challenging the status quo in the business environment. However, the amendment to Regulation (EC) No 1049/2001 on the common organization of the market in beef and veal, such as the COM (95) 614 final Proposal for a Council Regulation (EC), might have implications on the banking sector's negotiations, potentially affecting finance and the future of the affected businesses.
