Commerzbank chair calls for talks with UniCredit after takeover battle

Commerzbank has signaled its readiness to enter into discussions with UniCredit regarding a potential takeover, abandoning its previous resistance to the Italian bank's advances. Chairman Jens Weidmann stated that UniCredit's substantial stake in Commerzbank, now at 48%, makes "constructive talks" necessary to establish a framework that benefits shareholders and employees. Weidmann, a respected figure and former Bundesbank chief, expressed regret over the change but conceded that the balance of power at the next Annual General Meeting necessitates this shift in strategy.

This development follows months of a contentious struggle, which began in September 2024 when UniCredit first acquired a 9% stake in Commerzbank, later increasing it to 30% in March. The German government, holding a 12% stake in Commerzbank, had initially expressed opposition to UniCredit's "aggressive approach" but has since indicated that it is "now up to the two banks to talk to each other."

UniCredit CEO Andrea Orcel has stated that a full acquisition could potentially occur in the fourth quarter, or possibly later, pending regulatory approvals. He emphasized that the deal has evolved from a financial investment to a strategic transaction with significant industrial value creation. Orcel also indicated that UniCredit has a clear strategy for boosting Commerzbank's performance from January 1, threatening to unseat the board if necessary.

Commerzbank's deputy chairman and head of the works council have echoed the sentiment that both parties need to engage maturely. UniCredit reported strong second-quarter and first-half earnings, raising its full-year net profit target to over $11 billion. Despite these positive results for UniCredit, its shares were down 2.3% and Commerzbank shares were down 0.7% in morning trading. UniCredit managed $535.4 billion in deposits and $433.5 billion in loans at the end of 2025, with revenue geographically distributed across Italy (44.1%), Germany (21.9%), Central and Eastern Europe (19%), Austria (10.5%), and Russia (4.5%).