Overview

• UniCredit says its direct holding in Commerzbank is now about 26% and that converting remaining instruments could lift the position to roughly 29%.
• German takeover rules would require a public offer to all shareholders if UniCredit crosses the 30% threshold.
• The ECB and Germany’s Bundeskartellamt have approved stake-building up to just under 30%, and antitrust chief Andreas Mundt signaled any follow-on decision would use the same standards.
• Chancellor Friedrich Merz reaffirmed the government’s preference for an independent Commerzbank, and the bank’s board and works council have labeled UniCredit’s approach hostile.
• Commerzbank’s defense plan targets 4.2 billion euros in net income and a 15% return on equity by 2028 after a 2024 profit of about 2.7 billion euros.