UniCredit Faces Regulatory Heat as Commerzbank Disputes Tender Numbers and Berlin Holds Firm
Published on 06/23/2026 at 12:42 | Redaktion boerse-global.de
Commerzbank shares are trading close to a 52-week peak, even as the takeover tussle with UniCredit takes a legal turn. The stock settled at €37.88 on Tuesday, a whisker away from the €38.85 high notched on June 19, and has gained 4.35% over the past seven days. Yet behind the calm market surface, the battle for control of the German lender is escalating on multiple fronts.
UniCredit says it now controls roughly 39.3% of Commerzbank equity, comprising 26.8% from its existing stake and 12.5% tendered during the regular offer period that ended June 16. When derivatives are included, the Italian bank puts its potential influence at 42.5%. That claim, however, is being vigorously challenged by Commerzbank’s management, which has taken the unusual step of calling in the financial regulator.
The German bank has asked BaFin to investigate whether UniCredit’s published acceptance figures are misleading. According to Commerzbank’s own analysis of the shareholder register, not a single institutional investor tendered its shares. Among retail holders, the acceptance rate was a mere 0.05%. The suspicion in Frankfurt is that the vast majority of the tendered stock came from banks and parties directly linked to UniCredit that held no material positions before the offer.
The regulatory probe adds a fresh layer of uncertainty to the takeover timeline. Commerzbank has submitted its findings to BaFin and is pushing for greater market transparency. The authority is now examining whether UniCredit communicated false or incomplete data about the true level of offer acceptance. For its part, UniCredit may find its margin for manoeuvre shrinking: under current rules, it cannot improve the terms of its bid.
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Berlin is also throwing its weight behind the Frankfurt camp. The German government continues to hold around 12% of Commerzbank shares and has made clear it will not sell its stake while the hostile approach is underway. That stance effectively blocks any realistic path to a full squeeze-out or delisting, even if UniCredit were to secure a commanding position among free-float holders.
On the operational side, Commerzbank’s outlook remains upbeat. The lender is targeting a net profit of at least €3.4 billion for 2026, a figure that underpins management’s argument that the current offer undervalues the business. The board continues to advise shareholders against tendering their shares.
Technically, the stock is holding comfortably above its 200-day moving average of €34.04, underlining an intact upward trend. Despite a slight dip to €37.56 in recent trading, the weekly advance of 3.47% keeps the price action firmly in bull territory.
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Time is now the key variable. The extended acceptance window runs until July 3, with UniCredit expected to publish the final tally on July 8. Until then, the shares are caught between takeover speculation and management’s determined resistance — with a BaFin decision potentially adding a dramatic twist to the outcome.
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