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UniCredit Launches €35bn Hostile Takeover Bid for Commerzbank
May 7, 2026
UniCredit has formally launched its hostile takeover bid for Commerzbank. It submitted its offer directly to shareholders for a six-week acceptance window running from May 5 to June 16. The Italian bank is offering 0.485 of its own shares for each Commerzbank share, implying a price of around €32/share, and valuing the German lender at close to €35bn ($41.1bn) in total. The below market offer makes investor participation uncertain, though CEO Andrea Orcel has indicated he could modestly improve terms if demand warrants it. The development comes after Commerzbank’s management rejected UniCredit’s low-ball bid in March. UniCredit has been pursuing Commerzbank since September 2024. The bank already holds a 30% stake and the current offer is deliberately structured to push that holding just above the 30% threshold without triggering a mandatory full takeover bid. The German government, which holds a 12% stake in Commerzbank, is firmly opposed to the hostile takeover. If the offer falls short of securing a controlling stake, UniCredit has said it will likely hold below that threshold for at least 12 months to protect its shareholder payout commitments. Despite the contested takeover, UniCredit reported record quarterly profits on the same day. Net income rose 16% to €3.22bn in 1Q2026, prompting the bank to raise its full-year profit outlook to at least €11bn.
Commerzbank’s EUR 6.625% Perp traded stable at 105.25, yielding 5.6%. UniCredit’s EUR 5.625% Perp was also stable at 99.87, yielding 5.65%
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