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UniCredit Acquires 47.6% Stake in Commerzbank
July 9, 2026
– Vandit P
UniCredit said it secured 47.6% of Commerzbank’s shares, leaving it just short of full control over the German lender. UniCredit must now decide whether to push the stake above 50% or continue seeking consensus as it had previously pledged. UniCredit still faces strong opposition from the German government, unions, and Commerzbank itself. Germany’s finance ministry renewed criticism of UniCredit’s approach and the federal government still holds a 12% stake in Commerzbank. Commerzbank opposes the takeover but says it remains open to dialogue. Commerzbank contends most tendered shares came from investment banks tied to UniCredit’s swap contracts rather than independent shareholders, noting that less than 2% of institutional and retail holders participated. Excluding non-voting treasury shares, UniCredit’s voting stake stands at 49.7%, which is above the ~40% threshold that typically signals control under German corporate rule. UniCredit now expects the ECB to declare it in control of Commerzbank, though it still needs majority ownership to appoint all shareholder representatives to the supervisory board. As per analysts, UniCredit could also amend its currently cash-settled swap contracts to convert them into shares, potentially adding another 11.5% stake, on top of the 3.2% already held via share-settled derivatives.
Commerzbank’s EUR 6.625% Perp traded stable at 107.3 yielding 5.2%. UniCredit’s EUR 5.625% Perp was also stable at 102.1, yielding 5.2%
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