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Mergers & AcquisitionsMediumUpdated×7•Originally published 5 May 2026•Updated 7 May 2026•

1 min read

UniCredit Launches Formal €35 Billion All-Share Bid for Commerzbank

Key Facts

1Italy's UniCredit reported a much higher than expected profit for the first quarter.

2The bank kicked off a takeover offer for Commerzbank despite strong German opposition.

28 days ago

Version History

1 additional source confirmed this story

Version 728 days ago

What changed: Update confirms Commerzbank's formal rejection of Andrea Orcel's invitation to resume negotiations.

Version 629 days ago

What changed: Updated the story to include reports that the German government is considering an emergency plan to increase its stake in Commerzbank to block the acquisition.

Version 529 days ago

What changed: The story was updated to include the reaction from Commerzbank's CEO, who criticized the lack of a price premium while remaining open to dialogue.

Version 430 days ago

What changed: The story was updated to reflect the transition to a formal €35 billion all-share takeover bid and shareholder approval for the necessary capital increase.

Version 330 days ago

What changed: The story was updated to include comments from CEO Andrea Orcel downplaying the likelihood of a full takeover, signaling a shift toward a more cautious strategic stance.

Version 230 days ago

What changed: Added specific details regarding the 4.9% revenue growth during the first quarter, clarifying the primary driver behind the upgraded financial guidance.

Version 130 days ago

What changed: Added specific net profit figures (€3.2 billion) and the context of the bank's 21st consecutive profitable quarter.

Italy's UniCredit has escalated its strategic pursuit of Commerzbank by launching a formal all-share takeover bid valued at approximately €35 billion. In a significant development, a Commerzbank official has formally rejected CEO Andrea Orcel's invitation to return to the negotiating table, signaling a breakdown in direct dialogue. This refusal coincides with reports that the German government is considering an emergency plan to increase its stake in Commerzbank to block the hostile takeover. Commerzbank CEO Bettina Orlopp has criticized the lack of a price premium, highlighting a substantial valuation gap that remains unaddressed. While UniCredit shareholders have already approved the necessary capital increase, the formal rejection of talks marks a shift from structural opposition to direct confrontation. Analysts are now evaluating whether the combined resistance from Berlin and Commerzbank's leadership will successfully derail UniCredit's ambition to create a dominant European banking powerhouse.