UniCredit pushes takeover bid for Commerzbank in shareholder appeal

UniCredit has urged shareholders of Germany’s Commerzbank to support its proposed takeover, promising higher returns as it seeks to secure a €35 billion ($41 billion) deal that faces strong political resistance in Germany, News.Az reports, citing AFP.

UniCredit chief Andrea Orcel outlined what he called the “Unlocked” strategy for Commerzbank, saying it would refocus the German lender on its core domestic market to drive faster growth.

“Commerzbank can create much more value than currently, and its current direction is putting its survival at risk in the medium term,” Orcel told financial analysts ahead of the formal launch of the bid.

UniCredit, already the largest shareholder in Commerzbank, announced its full takeover offer in March. The move was met with a cautious response from the German government, which holds a 12% stake in the bank.

Orcel said the “UniCredit method,” including an investment of around €800 million through 2030, could boost Commerzbank’s net profit to €5.1 billion by 2028—above the bank’s own forecast of €4.2 billion.

If successful, UniCredit plans to merge Commerzbank with its German subsidiary HypoVereinsbank, creating what it described as a stronger pan-European banking group capable of competing with new US entrants and fintech firms.

The bank rejected criticism that its offer—valued at around €30.80 per share—was too low, calling such claims a “myth.” With a 26% stake already secured, UniCredit expects to surpass the 30% threshold, which would trigger a mandatory takeover offer for the entire bank.

Orcel also said that even if the bid ultimately fails, UniCredit would still benefit financially and could revisit a deal later under more favourable conditions.

Commerzbank shares rose about 1.1% to €36.47 in Frankfurt, trading above UniCredit’s offer price, while UniCredit shares fell around 2% in Milan to €68.68.

News.Az 

By Nijat Babayev