ECB Clears UniCredit to Raise Commerzbank Stake Above 30 Percent

UniCredit announced on October 15 that the European Central Bank cleared it to raise its Commerzbank stake above 30 percent and buy more shares with no set limit. The bank expects about 50 percent of voting rights and control around year-end after remaining regulatory steps and offer conditions. A share-swap tender offer closed July 8, 2026 with tenders of about 50 percent on a voting-rights basis; the stake is 47.59 percent of issued shares, or 49.65 percent of voting rights excluding treasury shares. The offer was valued at about €45 billion. UniCredit disclosed a roughly 9 percent stake in September 2024 and launched a takeover proposal for all outstanding shares in May 2026. The German government holds about 13 percent; after the tender succeeded it softened its opposition. CEO Andrea Orcel has held repeated talks with German officials, asked Commerzbank to adopt his profit-improvement strategy from January 2026, and indicated plans to defer a full merger until 2029 to 2030. Commerzbank employs about 40,000 full-time staff worldwide. UniCredit has operated in Germany since 2005 through Bavaria-based HypoVereinsbank. Left-rated coverage was absent. No factual disputes appear in the available sources. Remaining regulatory steps and offer conditions are still outstanding before control around year-end.