UniCredit SpA

Germany's Finance Minister Christian Lindner is set to meet with Andrea Orcel, CEO of Italian financial giant UniCredit, regarding its planned acquisition of Commerzbank, according to several sources familiar with the matter who spoke to Reuters. The German government holds a stake of just over 12% in Commerzbank as a result of a bailout during the financial crisis and has previously opposed Orcel's acquisition plans. The meeting is scheduled for September 14, during which Lindner is expected to directly convey the German government's position. UniCredit raised its stake in Commerzbank to just under 50% in July, giving it significant influence over shareholder resolutions. The European Central Bank (ECB) has shown a positive stance toward approving the acquisition, and if approved, the largest regulatory hurdle would be removed.

The European Central Bank is leaning toward approving Italian banking giant UniCredit's acquisition of Germany's Commerzbank, saying it has no grounds to object, according to an internal document outlining preliminary views. If the takeover goes through, it would create one of Europe's largest financial institutions. According to the document obtained by Reuters, the ECB expects the integration to be difficult and lengthy, but concluded that this does not provide legitimate grounds to block the deal. Germany's supervisory authority noted that a strategy is needed to win support within Commerzbank and expressed concerns about weaknesses in UniCredit's corporate governance, but the ECB believes these have been addressed through measures such as detailed minute-taking and a strengthened supervisory framework. The document was presented to the ECB's banking supervision committee in July, with a final review scheduled for September or October. UniCredit has secured around 48 percent of Commerzbank shares in a hostile takeover worth 43 billion euros, or 49.6 billion dollars, and ECB approval would remove a major regulatory obstacle.

German business daily Handelsblatt reported on the 31st that major German commercial bank Commerzbank has abandoned efforts to block a takeover by Italian peer UniCredit. UniCredit announced in July that it had raised its stake in Commerzbank's outstanding shares to 47.6 percent through a tender offer and other means, and Commerzbank insiders told the newspaper they have conceded defeat in the battle to remain independent. The focus now shifts to negotiations between the two banks over preserving jobs and customer services after a merger, though difficult talks are expected.

Commerzbank CEO Bettina Orlopp has called for the opening of talks with UniCredit regarding the German bank's future, marking a turning point after nearly two years of fierce confrontation. In an interview on Commerzbank's intranet obtained by AFP, Orlopp said the two institutions must engage in a constructive dialogue to identify a path forward that creates value for everyone involved, with a prerequisite of a shared understanding of the business model and the involvement of all stakeholders. UniCredit acquired a stake in Commerzbank in September 2024 and has since raised its holding to nearly 50 percent, despite repeated opposition from the German bank's management and the government in Berlin. The German state, which still holds a 12 percent stake, has recently shifted its stance, with Chancellor Friedrich Merz saying his government did not want to prevent a merger. Orlopp warned that even if UniCredit secures a majority at the next Annual General Meeting, it will not be able to push through fundamental structural changes on its own, and discussions will be conducted in close cooperation with the Supervisory Board, employee representatives, and the German Federal Government.

Commerzbank Chairman Jens Weitmann has called on Italy's UniCredit to enter negotiations over merger terms. After UniCredit raised its stake in stages to 48 percent, reaching a level that can sway shareholder meeting resolutions, Weitmann abandoned the bank's previous resistance to a takeover and shifted focus to extracting concessions. In a statement, he stressed that constructive talks are needed to set key conditions for employees, shareholders, and customers, and said such negotiations would also be in UniCredit's interest. UniCredit CEO Andrea Orcel had sought talks with the German government and Commerzbank employee representatives the previous day.

Italian financial giant UniCredit reported its first-half results for June 2026, with total revenue rising 5.5 percent year-on-year to 13.394 billion euros, achieving a record high for an interim period. Growth in fee income drove the revenue increase. At the same time, the bank positioned its takeover proposal for Germany's Commerzbank as a strategic transaction and indicated it will continue to pursue the integration.

The European Central Bank has selected 36 payment service providers to take part in a digital euro pilot set to begin in the second half of 2027. Participants include Deutsche Bank, Revolut, Adyen, SumUp, UniCredit, and Worldline, chosen from more than 50 applicants based on business model, scale, and geographic reach. The 12-month pilot will use a beta version of the digital euro before its official launch, with ECB and euro area national central bank staff acting as users to test online and offline person-to-person payments, in-store payments, and e-commerce transactions. The ECB aims to verify technical features and operational procedures, improve the user experience, and target an initial issuance in 2029, assuming the necessary legal framework is completed by 2026.

German prosecutors have rejected a criminal complaint filed by Commerzbank employees alleging market manipulation by UniCredit in its hostile takeover bid. The Frankfurt prosecutors' office said it found insufficient indication of a crime after reviewing the matter. The staff body had accused UniCredit of artificially inflating acceptance figures, claiming that entities connected to the Italian lender were almost exclusively accepting the offer. UniCredit has denied any malpractice and recently secured a total of 49.65 percent of Commerzbank voting rights, though Commerzbank said the acceptance rate among independent shareholders was low.

Italian financial giant UniCredit announced its stake in Germany's Commerzbank has risen to 47.6%, bringing it one step closer to gaining control in a takeover bid. CEO Andrea Orcel faces a decision on whether to increase the holding above 50% to propose board changes or to seek a consensual deal. The German finance ministry said UniCredit's aggressive and hostile approach is unacceptable, and the government holds a 12% stake in Commerzbank as a bailout measure from the financial crisis. Commerzbank opposes the takeover but remains open to constructive talks, while UniCredit also issued a statement open to discussions, though substantive negotiations have not materialised due to differences.

UniCredit has raised its overall holding in Commerzbank to 42.5% following the end of the first acceptance period for its offer. The Italian lender received valid acceptances equal to 12.51% of Commerzbank shares by the close of the initial offer period earlier this week. Combined with the 26.77% stake it already held directly and a further 3.22% linked to financial contracts that can be settled with share delivery, UniCredit said its position now totals 42.5%. The bid will be reopened for Commerzbank investors from 20 June until 3 July. The result brings CEO Andrea Orcel nearer to his long-running attempt to increase UniCredit's position in the German bank, though German federal authorities earlier this month rejected a share-exchange proposal and reiterated their support for Commerzbank's independence.

Europe's antitrust chief Teresa Ribera called on EU governments to support cross-border bank mergers, saying they are urgently needed to complete the single market. Her remarks came a day after Germany rejected Italian bank UniCredit's offer for shares in Germany's Commerzbank, citing price and what it called an aggressive approach. Ribera criticized countries that speak in favor of pan-European champions but do not support the steps required, and stressed that Europe cannot argue it needs globally competitive firms while refusing to examine whether its analytical frameworks reflect global competition and investment needs. The push for cross-border banking consolidation is linked to the bloc's need for multi-trillion-euro funding for green and digital projects, though plans for a full banking union remain stuck over the lack of a common deposit guarantee scheme.