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Bond Market News
Germany Opposes UniCredit’s Bid for Commerzbank
June 17, 2026
Germany reiterated its firm opposition to UniCredit’s €39bn ($45bn) takeover bid for Commerzbank on the final day of the formal acceptance period. Germany, which holds over 12% stake in Commerzbank, stated that the offer lacks an appropriate premium and criticised UniCredit’s “aggressive approach.” The German government said it backs Commerzbank’s independence, citing the lender’s role in financing the German economy and its importance as a major employer in Frankfurt. The acceptance period is set to receive a two-week extension under German takeover rules, running until July 3. As of yesterday, shareholders had tendered 12.41% of Commerzbank’s share capital, bringing UniCredit’s potential stake to just above 39%. UniCredit also holds a large derivatives position providing exposure to an additional 3.22% of Commerzbank shares, some of which can be converted into equity. The offer, which was structured as 0.485 UniCredit shares per share of Commerzbank, has mostly been priced below Commerzbank’s market value. Commerzbank’s market capitalisation stood at €39.14bn compared to an implied bid value of roughly €39.06bn.
Commerzbank’s EUR 6.625% Perp traded stable at 106.2, yielding 5.4%. UniCredit’s EUR 5.625% Perp was also stable at 100.9, yielding 5.45%
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