UniCredit has unveiled plans for a far-reaching shake-up of takeover target Commerzbank with the intention of transforming the German lender for a “new future-ready era.”
Chief executive of UniCredit Andrea Orcel said in a conference call Monday that a “true combination” of UniCredit and Commerzbank would send “a clear signal”, creating a “country leader and benchmark.”
He added that the plan would build a “federal pan-European group and European benchmark for others to follow.”
UniCredit has been eyeing a potential bid for the Frankfurt-based lender since taking a 9% stake in 2024, which has since swelled above the 30% benchmark requiring a mandatory full takeover offer under German financial rules. Commerzbank has previously opposed a merger, emphasizing instead a focus on “independence and profitable growth.”
Commerzbank shares were 0.8% higher around 10:30 a.m. in London (5:30 a.m. E.T.). UniCredit was 2.2% lower in morning dealmaking.
