Milan-based bank plans to up its near-30% stake in German lender to trigger formal talks despite strong opposition from Berlin
Two European banking powerhouses have become embroiled in a €35bn (£30bn) takeover battle after Italy’s UniCredit stepped up its long-running pursuit of German lender Commerzbank, despite strong opposition from the German government.
UniCredit first took a stake of 9% in Commerzbank in September 2024 and has since built up its holding to just under 30%. It said on Monday it was pushing to increase that holding further and push the rival lender into formal merger talks.
Under German law, a shareholder that has a more than 30% stake is required to make a takeover bid. The Milan-headquartered bank said on Monday it was planning a share swap that would imply a €30.8 price per Commerzbank share, or about €34.7bn in total. Commerzbank’s share price rose to €31.30 on Monday in early trading.
The move puts it on a collision course with Commerzbank’s board and the German state, which bailed the bank out during the 2008 financial crisis and still has a more than 12% holding.
