Overview

• UniCredit recently lifted its direct holding to a little over 26% and reaffirmed plans to convert remaining instruments that would take it to about 29%.
• Commerzbank chief Bettina Orlopp said nothing has fundamentally changed so far and noted a clear shift would come only if 30% is exceeded and an offer is made.
• Crossing the 30% level would trigger a mandatory public offer to the remaining investors under German takeover law.
• Andrea Orcel continues to advocate a cross-border tie-up, citing opportunities in retail and Mittelstand banking alongside UniCredit’s HVB footprint in Germany.
• Commerzbank’s management, employee representatives, and the federal government oppose the push, with concerns over potential job losses and branch closures.