Commerzbank has reached out to BaFin, Germany’s top financial regulator, over concerns about UniCredit’s disclosures related to its ongoing tender offer. The contact, made on June 3, 2026, marks the latest move in a corporate battle that has been simmering since UniCredit first started quietly accumulating Commerzbank shares back in 2024.
UniCredit now holds roughly 34.4% of Commerzbank, well past the 30% threshold that triggered the mandatory public offer. Commerzbank’s leadership wants nothing to do with it.
A tender offer nobody wants to accept
UniCredit launched a public exchange offer in March 2026, proposing a conversion ratio of 0.485 UniCredit shares for each Commerzbank share. Commerzbank’s management has flatly rejected the terms, arguing the ratio undervalues the bank and fails to deliver a meaningful premium to shareholders.
By late May 2026, only about 1.1% of Commerzbank shares had been tendered to UniCredit’s offer.
