Overview

• UniCredit holds about 26% of Commerzbank and says it will lift its stake to roughly 30% by year-end through further share purchases and derivative conversions.
• Exceeding 30% would trigger a mandatory takeover offer under German rules, though UniCredit’s chief left the timing of any formal bid open.
• Commerzbank’s chief executive emphasized calm and a strategy of independence unless an offer follows a breach of the 30% threshold.
• Morgan Stanley disclosed a 5.19% holding as the German government maintains just over 12% and says it will not sell its remaining stake.
• Regulators have cleared increases up to just under 30%, and Orcel said any post-deal headquarters location would be discussed with the government.