Commerzbank Faces Ongoing Takeover Pressure Amid Unicredit Stake Rise and Government Opposition

Commerzbank is under intensified spotlight as speculation around a potential takeover by the Italian banking giant Unicredit deepens. At a recent earnings press conference, Commerzbank CEO Bettina Orlopp addressed the takeover rumors with a composed stance, despite the bank’s shares falling by up to 6% amid market uncertainty. Unicredit has now increased its stake in Commerzbank to nearly 30%, signalling a serious interest in acquisition. Andrea Orcel, CEO of Unicredit, has indicated a willingness to pursue a takeover if market conditions and timing align, though he also conveyed patience, stating he could wait until 2027 to move forward.

The German government, holding a significant 12% stake in Commerzbank, has openly opposed the takeover effort, characterizing it as hostile. This opposition adds a layer of complexity to the unfolding financial dynamics. Despite the takeover tensions, Commerzbank reported a robust net profit of €2.6 billion for 2025, surpassing expectations with a return on equity of 8.7%. To bolster the share price amid the uncertainty, the bank has announced a share buyback program.

Orlopp downplayed concerns about day-to-day stock volatility during the press conference, emphasizing confidence in Commerzbank’s fundamental performance. However, Unicredit’s sizable holding brings financial pressures that could intensify shareholder debates about the takeover’s viability and desirability. The situation remains unsettled as both institutions navigate their respective strategies within the competitive European financial sector.

This ongoing standoff reflects broader trends of consolidation and contestation within the banking industry, with Commerzbank striving to balance solid financial results and shareholder pressures against the backdrop of government intervention aimed at protecting national economic interests.