Commerzbank counters UniCredit tender offer, shares hold steady in DAX trade

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-25, 17:35.

Commerzbank (DE000CBK1001) today underlined its independence in the UniCredit takeover battle, stating that institutional investors have tendered just over 1 percent of its shares into the Italian bank’s recent offer, according to comments cited by Reuters and other market services. The stock trades around 37 euros on Xetra as the DAX bank insists that its shareholder base remains largely unchanged.

What Commerzbank says on UniCredit

In a statement referenced by several outlets, Commerzbank said that only a small fraction of institutional shareholders accepted UniCredit’s partial public offer, with just over 1 percent of shares tendered so far. Management stressed that, in its view, the shareholder structure is therefore "largely unchanged", countering any impression of a rapid shift of control.

Reuters also reports that Commerzbank "pushed back" on UniCredit’s presentation of the offer’s reception, highlighting that large investors had remained loyal and that the response had come primarily from banks and financial institutions rather than a broad base of long-term funds. The German bank, a member of the DAX, continues to view the Italian rival’s move through the lens of regulatory and political scrutiny in Berlin.

Analyst views and valuation markers

Analyst platforms such as MarketScreener show that the Commerzbank shares change hands around the high-30-euro range on Xetra, with a last quoted level near 37.4 euros and recent daily volumes in the hundreds of thousands of shares. A consensus of brokers compiled there still skews positive, with multiple Buy or Outperform ratings reflecting expectations for stable capital ratios and rising interest margins. The shares are also tracked closely in comparison to European peers such as UniCredit and Deutsche Bank in the STOXX Europe 600 Banks sector.

Finanzen.net’s overview of price targets for Commerzbank indicates a spread of analyst opinions between the mid-30s and low-40s euros, implying modest upside from current trading levels based on the average target. The valuation discussion frequently centers on the sustainability of fee income in corporate banking and the potential impact of any structural deal with UniCredit on capital returns.

How Commerzbank earns its money

Commerzbank generates the bulk of its revenue from classic banking activities in Germany and selected international markets, focusing on retail customers, small and medium-sized enterprises and larger corporates. In its Private and Small-Business Customers segment, the bank offers current accounts, mortgages, consumer loans, savings products and basic securities trading, while the Corporate Clients division provides working-capital finance, trade finance, cash management and risk-hedging products for exporters.

Where the shares trade today

The Commerzbank shares (DE000CBK1001) trade on 2026-06-25, 17:29 on Xetra at 37.40 euros.

This article is for informational purposes only and does not constitute investment advice, an offer or a solicitation to buy or sell any securities. Investors should conduct their own research and consider their individual financial situation before making investment decisions.