Overview

• UniCredit said it may convert remaining derivatives into shares to lift its holding to about 29%, keeping just below the 30% threshold.
• Regulators including the ECB and Germany’s Bundeskartellamt have already cleared increases up to just under 30%, with the antitrust chief indicating the same standards would guide any follow‑on decision.
• Commerzbank’s board and works council have denounced the approach as hostile, and the German government backs the bank’s independence while retaining roughly 12% and refusing to sell for now.
• The Italian lender says it aims to combine Commerzbank with its German unit HVB to build cross‑border scale and is not currently seeking board representation at Commerzbank.
• Commerzbank is pressing an independence plan with higher profit targets and staff cuts, as unions warn a UniCredit deal could mean job losses in what would be the largest Germany‑linked bank takeover in years.