Italian banking group UniCredit has made a voluntary public exchange offer for all of Commerzbank’s shares. According to an ad‑hoc notice released on Monday, UniCredit already holds about 26 % of the bank as the largest single shareholder and proposes to exchange each Commerzbank share for roughly 0.485 of its own shares. The offer must still receive approval from Germany’s financial regulator, BaFin, and the European Central Bank.
To finance the takeover, UniCredit plans to hold an extraordinary general meeting to approve a capital increase by no later than 4 May. Commerzbank’s CEO, Bettina Orlopp, has publicly opposed a takeover, and the German federal government has likewise rejected UniCredit’s advances, stating it continues to support Commerzbank’s independence.
The formal launch of the offer is expected in early May, with a four‑week acceptance period. UniCredit anticipates that the transaction will be completed in the first half of 2027, once all necessary regulatory approvals have been obtained.
