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UniCredit’s Stake in Commerzbank Expected to Rise to 34%
June 3, 2026
UniCredit’s takeover bid for Commerzbank has received enough investor acceptances to give it a 34% stake once the tendered shares are formally transferred. This builds on UniCredit CEO Andrea Orcel’s near two-year pursuit of the German lender, which began in September 2024. The deliberate low-ball offer, pitched at 0.485 UniCredit shares per Commerzbank share was designed to nudge the stake just past the 30% level that would otherwise trigger a mandatory full bid under German law. This comes despite strong opposition from both Commerzbank’s management and the German government. UniCredit already holds a direct stake of 26.77% plus derivatives convertible into roughly 3% more. Formal ownership of the newly tendered shares will not transfer until the offer closes and regulatory approvals are secured, with settlement expected by 1H2027. One consequence of the growing stake is the increased likelihood that the ECB may deem UniCredit to have effective control over Commerzbank, which would require consolidation and raise UniCredit’s capital requirements.
Commerzbank’s EUR 6.625% Perp traded stable at 105.1, yielding 5.65%. UniCredit’s EUR 5.625% Perp was also stable at 100, yielding 5.62%
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