Overview

• UniCredit officially withdrew its takeover offer for Banco BPM after the Italian government imposed binding Golden-Power conditions on Russia exit timelines and loan-to-deposit ratios.
• The bank posted a record €3.3 billion net profit in Q2, up a quarter from a year earlier, underpinning its deal-funding capacity and planned shareholder distributions.
• UniCredit plans to convert derivatives into stock to boost its Commerzbank stake by nine percentage points by December, taking ownership close to the 29.9 percent threshold.
• From 2026 onward, UniCredit will consolidate Commerzbank’s results in its own financial statements, targeting an annual €600 million contribution to its earnings.
• Commerzbank’s management, employee representatives and the German government remain opposed to a full takeover, highlighting persistent political and regulatory obstacles.