UniCredit Clears Key 30% Threshold in Commerzbank Takeover Bid — Update

By Aimee Look and Joshua Kirby

UniCredit said it secured commitments to raise its total stake in Commerzbank past 30%, adding ballast to the Italian bank's pursuit of its German competitor.

The lender said Tuesday that shares representing around 7.6% of Commerzbank's share capital have been committed as part of its roughly $28 billion takeover attempt.

In aggregate, combined with UniCredit's direct shareholding of 26.8%, the tender would give the bank control of around 34.4% of Commerzbank, above the threshold of 30% plus one share that UniCredit says it set out to achieve with its bid. UniCredit also holds financial instruments connected to 3.2% of Commerzbank, and 13.2% in cash-settled derivatives.

The increase adds momentum to UniCredit Chief Executive Officer Andrea Orcel's lengthy pursuit of Commerzbank, which takes the form of a roughly 24 billion-euro ($27.86 billion) takeover offer for the shares UniCredit doesn't already own.

"UniCredit views the strength of the early tender response as reflective of the inherent value that investors are recognizing in UniCredit's takeover offer," the bank said. "Investors have additional time to consider both the relative value offered in the exchange of Commerzbank shares for UniCredit shares and the incremental value potential from a combination."

Commerzbank didn't immediately respond to a request for comment on UniCredit's statement. Commerzbank CEO Bettina Orlopp has previously been vocal in her efforts to sway shareholders against accepting a bid, calling the approach vague and inappropriate. The German government, which has held a stake in Commerzbank since it was forced to step in to prop up the lender at the time of the 2008 financial crisis, has also been staunchly opposed to a takeover by the foreign rival.

However, Orlopp has also said management remains open to talks when there is willingness to discuss the points Commerzbank has made.

Orcel said in March he expected the process would be over one way or another by June, with the offer aiming to break a stalemate between the two banks.

Write to Aimee Look at aimee.look@wsj.com and to Joshua Kirby at joshua.kirby@wsj.com

(END) Dow Jones Newswires

June 02, 2026 12:14 ET (16:14 GMT)