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Bond Market News
UniCredit Receives ECB Approval for Commerzbank Takeover
October 16, 2026
UniCredit has received European Central Bank (ECB) approval to increase its stake in Germany’s Commerzbank beyond 30% without an upper limit, paving the way for a potential takeover. The approval follows UniCredit’s €45bn hostile takeover offer in July, which raised its stake to 48%. However, the bank still needs to complete the remaining regulatory procedures and conditions before taking control. UniCredit expects to secure approximately 50% of Commerzbank’s voting rights by the end of 2026. The acquisition faces strong opposition from Commerzbank and the German government, which has emphasised protecting jobs, maintaining the bank’s Frankfurt headquarters and ensuring continued lending to German businesses. UniCredit CEO Andrea Orcel plans to implement a strategy to improve Commerzbank’s profitability from January, while postponing a full merger until 2029–2030. Once control is secured, Orcel could seek to replace Commerzbank’s supervisory board and management through a shareholder vote before its next annual general meeting.
Commerzbank’s EUR 6.625% Perp traded stable at 102.4 yielding 6.1%. UniCredit’s EUR 5.625% Perp was also stable at 97.7, yielding 6.1%.
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