UniCredit has built its Commerzbank stake to 47.6%, equal to about 49.7% of voting rights, leaving it just short of majority control despite resistance from Berlin and weak tender uptake.
UniCredit's pursuit of Commerzbank has inched closer to majority control, with the Italian lender's stake reaching 47.6% as of July 8, 2026, equivalent to about 49.7% of voting rights. The position leaves CEO Andrea Orcel roughly half a percentage point short of controlling the board of the German bank, extending a takeover battle that has become a test case for cross-border consolidation in European banking. UniCredit had held about 26% in March 2026 and received European Central Bank approval on March 14 to raise that to 29.9%. It then launched a voluntary tender offer in May, offering 0.485 UniCredit shares for each Commerzbank share, valuing Commerzbank stock at about €30.8 a share and implying a valuation of roughly €35 billion to €40 billion. The offer cleared UniCredit's 30% threshold for moving ahead with regulatory approvals, but fewer than 2% of non-affiliated investors accepted. Germany has opposed the approach, saying it will keep its stake and not tender shares, while Commerzbank management has also resisted. The standoff matters because UniCredit may need to improve terms to secure full control, increasing the cost of a deal that would create a banking group with major operations in Italy and Germany.