UniCredit now holds 48% of Commerzbank shares after a two-year hostile takeover effort, signaling momentum in its €45 billion deal.
UniCredit has secured 48% of Commerzbank’s shares, edging closer to control in its €45 billion hostile takeover bid. The Milan-based bank launched the offer in May after a nearly two-year standoff with German regulators and shareholders.
Commerzbank reported that fewer than 2% of retail and institutional investors tendered shares, with most coming from UniCredit-linked parties. Despite resistance, UniCredit’s CEO Andrea Orcel has gained traction, prompting calls for dialogue from German officials.
The deal highlights challenges in cross-border eurozone banking consolidation, as regulators push for larger entities to compete with U.S. rivals. Market reaction remains cautious amid lingering opposition.