Italian bank UniCredit is open to significantly increasing German representation on its board of directors as part of its efforts to acquire Commerzbank. This move is aimed at overcoming the strong opposition from Berlin and Commerzbank's current board to an "unfriendly" takeover. UniCredit CEO Andrea Orcel has been pursuing Commerzbank since September 2024, and has built a 29% stake through share purchases and derivatives, with the aim of a full takeover. Recent reports indicate UniCredit has secured 47.6% of Commerzbank shares as of July 8, 2026, nearing control and prompting Orcel to consider lifting the stake above 50% to propose board changes.
Beyond board seats, UniCredit is considering other concessions to sweeten a potential deal. These could include maintaining a combined HVB and Commerzbank headquartered in Germany, committing not to close a certain percentage of branches, or guaranteeing a level of lending for a specific period. These types of governance changes and strategic commitments are common in bank transaction negotiations, according to individuals familiar with the matter.
Despite UniCredit's overtures, there are currently no active discussions between UniCredit, Commerzbank, or the German government regarding a potential offer. German Chancellor Friedrich Merz and finance minister Lars Klingbeil have previously rejected the idea of an "unfriendly" takeover, advocating for Commerzbank's independence. However, Orcel has indicated he could wait until 2027 before making a definitive takeover bid. UniCredit expects Commerzbank to adopt its strategic roadmap from January, or it might use its 48% stake to install a new board reuters.com.
UniCredit first made a low-ball offer to raise its stake above 30% in March 2026 to pressure Commerzbank into merger talks reuters.com. A merger of UniCredit and Commerzbank would result in a financial institution with over $1.5 trillion (€1.3 trillion) in assets, spanning two of the Eurozone's largest economies reuters.com. The success of the deal hinges on Commerzbank's willingness to engage in discussions and meet UniCredit halfway, as concessions cannot be entirely one-sided.
