Political Roadblock Sends Commerzbank Stock Lower as UniCredit’s Full Takeover Hopes Fade
Published on 06/22/2026 at 19:31 | Redaktion boerse-global.de
The German government’s refusal to sell its remaining 12% stake in Commerzbank has effectively killed any near-term prospect of a full squeeze-out by UniCredit. The Italian lender, which now controls roughly 39% of the shares through its exchange offer and options, would need 90% to force out minority holders — a threshold that looks unattainable as long as Berlin holds the line.
Commerzbank’s stock eased on the news, slipping 1% to €37.88 after having touched a fresh annual high of €38.85 just days earlier. The pullback reflected both profit-taking and the market’s realization that a swift takeover is off the table. Earlier in the session, the shares had been quoted at €38.10, underscoring the sudden shift in sentiment.
UniCredit, led by CEO Andrea Orcel, has been steadily building its position. Its regular exchange offer closed in mid-June, leaving the bank with access to just under 40% of Commerzbank’s shares. Including derivative instruments, that figure rises to 42.5%. Should Commerzbank proceed with a planned share buyback, UniCredit’s effective holding could climb above 44%.
Should investors sell immediately? Or is it worth buying Commerzbank?
Despite that growing influence, the Italian group has firmly ruled out improving its bid, arguing the current terms are fair. Commerzbank’s management and supervisory board disagree, recommending shareholders reject the offer and pointing to the bank’s own “Momentum 2030” strategy as a superior path to value creation. The Frankfurt-based lender now plans to raise its financial targets, betting that independence will ultimately deliver a higher premium than any takeover price.
A further acceptance period for shareholders runs until July 3, with the final results of the tender offer due on July 8. Until then, UniCredit faces the twin challenges of winning over more investors and finding a way around Berlin’s political firewall. For now, the German government’s stance — rooted in protecting small and mid-sized businesses and jobs — gives the Commerzbank board precious breathing room to execute its own turnaround plan.
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