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UniCredit Launches Low Bid For Commerzbank
March 17, 2026
UniCredit launched a low-premium bid for Commerzbank to raise its stake above 30%, urging the German lender to re-enter merger talks. The ~€35bn ($40bn) proposal, offered only about a 4% premium, and was rejected by Commerzbank for lacking key terms and adequate shareholder value. The German government, which holds a 12.7% stake, reiterated its opposition to a hostile takeover. Despite this, investors believe that UniCredit’s CEO Andrea Orcel is using market volatility linked to the Middle East conflict to position the bank for greater strategic flexibility in the future. UniCredit began building its stake in Commerzbank in September 2024 but avoided a full takeover due to German rules requiring a minimum-price cash offer. After these rules lapsed in February 2026, UniCredit moved to bypass another requirement that would force a full buyout upon crossing the 30% ownership threshold. Its low-premium bid is designed to push its stake just above 30% while preserving flexibility to continue buying shares in the open market later, pending regulatory approvals expected by 1H2027. While some shareholders support renewed dialogue, significant regulatory, political, and labor concerns remain.
Commerzbank’s EUR 6.625% Perp traded stable at 103.7, yielding 5.9%. UniCredit’s EUR 5.625% Perp was also stable at 97.9, yielding 6.01%
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