UniCredit has quietly, methodically, and against considerable political headwinds built its stake in Commerzbank to 47.6%, putting the Italian lender within striking distance of outright majority control of one of Germany’s most storied banks.
As of July 8, 2026, UniCredit’s position translates to approximately 49.7% of voting rights. Andrea Orcel, UniCredit’s CEO, is roughly half a percentage point away from controlling the board room of a bank the German government once bailed out during the financial crisis.
The slow-motion takeover
UniCredit held roughly 26% of Commerzbank back in March 2026, after a series of incremental stake increases. The ECB granted approval for UniCredit to push its stake up to 29.9% on March 14, 2026.
By May 2026, UniCredit launched a voluntary tender offer, proposing 0.485 UniCredit shares for each Commerzbank share. That valued each Commerzbank share at around €30.8, representing a 4% premium at the time of announcement. The implied valuation of Commerzbank from this transaction sits somewhere in the €35 to €40 billion range.
