UniCredit has surprisingly doubled its stake in Commerzbank from just under 10 percent to around 20 percent, making it the largest shareholder of Commerzbank, ahead of the German state, which holds about 12 percent. This step was facilitated by the conversion of financial instruments (derivatives) into shares, which has already been approved by the European Central Bank (ECB) and the Federal Financial Supervisory Authority (BaFin).
Strategic Acquisition Ambitions
Additionally, UniCredit still has access to about 9 percent of Commerzbank shares through derivatives and could soon reach the 30 percent threshold through further conversions. At this threshold, a mandatory takeover bid would be triggered, significantly accelerating the acquisition process.
Reactions and Challenges
The response from the Commerzbank board and employee representatives is negative; they firmly oppose an acquisition. There is also political resistance: Chancellor Friedrich Merz has clearly supported the independence of Commerzbank, emphasizing that a takeover is not in the interests of the federal government. However, UniCredit CEO Andrea Orcel continues to see advantages in a merger and is actively seeking discussions with political decision-makers — so far without success.
For investors, this development means increased dynamics in the stock price as well as uncertainty regarding the future market positions of both banks. The doubling of the stake signals a serious push by UniCredit for a complete acquisition, which could have significant implications for competition in the European banking sector.
Possible Market Consequences
These developments make the impending acquisition more tangible, even though political hurdles remain. Such a step could reorganize the market and increase pressure on competitors in the banking sector.
| Point | Details |
|---|---|
| Current UniCredit Stake | About 20% directly through shares + approximately 9% indirectly through derivatives |
| Largest Shareholder | Yes, ahead of the federal government with approximately 12% |
| Approvals | ECB, BaFin, and other authorities have approved the conversion |
| Political Stance | The federal government opposes acquisition; Chancellor Merz supports independence |
| Commerzbank Reaction | Board and employees oppose acquisition |
| Possible Next Steps | Further conversions could trigger mandatory bid |