Germany Rejects UniCredit's Commerzbank Bid, Calling Out 'Aggressive' Approach — Update

By Aimee Look

The German government rejected UniCredit's multibillion-dollar bid for Commerzbank, citing what it called an aggressive approach from the Italian lender.

Germany's government, the second-biggest shareholder in Commerzbank with a stake of nearly 13%, on Tuesday voiced its support for the German bank's strategy of independence. It said the lack of an appropriate premium meant accepting the offer wasn't an option from a financial standpoint.

UniCredit is in the final stretch of a hostile bid for Commerzbank, its latest move in a long-running campaign to take over the German bank that has been met by opposition from Commerzbank executives, the German government and unions.

The Italian lender began to amass a stake in Commerzbank in September 2024, when the German government offloaded part of its crisis-era stake, and continued to build it to become the biggest shareholder.

UniCredit earlier this year launched a bid for the shares it didn't already own that would have cost it 24 billion euros ($27.82 billion) at the time when the offer was announced in March. The value of the all-stock bid has fluctuated since then.

The offer is due to close on Tuesday, unless it is extended, according to UniCredit. The Italian bank said it received valid acceptances representing an 11.91% stake in Commerzbank as of Monday, which add to a direct stake of 26.8% and further holdings through financial contracts.

Commerzbank has in recent days called into question UniCredit's disclosures about the level of support for the offer, saying no big institutional investors had backed it.

Both Commerzbank and UniCredit said they asked Germany's financial regulator to review the other party's statements.

Frankfurt prosecutors said they were conducting a preliminary investigation into potential market manipulation regarding UniCredit's offer for Commerzbank.

In explaining the German government's rejection of the offer, the interministerial steering committee of the state fund that manages the Commerzbank stake cited the bank's important role in financing the German economy and its midmarket sector. It also noted Commerzbank's importance as an employer with a presence in Frankfurt, Germany's financial hub.

"The steering committee supports the strategy of independence of Commerzbank AG and rejects the aggressive approach of UniCredit," it said.

Italy's UniCredit declined to comment.

Write to Aimee Look at aimee.look@wsj.com

(END) Dow Jones Newswires

June 16, 2026 06:56 ET (10:56 GMT)