Italian banking group UniCredit is moving closer to gaining control of Germany’s Commerzbank, as signs emerge that Berlin may be becoming more open to discussing the future of its remaining stake in the lender.
Some senior German government officials are reportedly prepared to consider selling the state’s 12.7% holding in Commerzbank to UniCredit if the two banks can agree on a common strategy. However, Germany has not formally changed its official position, making any potential transaction far from certain.
The development could mark an important shift in a takeover battle that has faced strong political and corporate resistance in Germany.
UniCredit Already Holds Nearly 48%
UniCredit currently owns approximately 47.6% of Commerzbank, following the completion of its tender offer in July. Adjusting for Commerzbank’s treasury shares, the Italian bank controls close to 50% of voting rights.
If UniCredit were to acquire the German government’s remaining stake, its ownership could rise above 60%, giving it a significantly stronger position in shareholder votes and greater influence over Commerzbank’s future strategy.
The German government became a major Commerzbank shareholder following the global financial crisis and has long viewed the lender as strategically important to the country’s economy.
Berlin Shows Signs of Changing Position
Germany has strongly resisted UniCredit’s takeover push, raising concerns about employment, corporate lending and the future of Frankfurt as a major European financial centre. Commerzbank also plays an important role in financing Germany’s Mittelstand, the network of small and medium-sized businesses that forms a major part of the country’s economy.
The latest reports suggest that resistance may now be softening.
Commerzbank supervisory board chairman Jens Weidmann has indicated a willingness to engage constructively with UniCredit, while UniCredit CEO Andrea Orcel and Commerzbank CEO Bettina Orlopp have also begun formal discussions about the consequences of a possible change in control.
The talks could gradually shift the situation from a hostile takeover battle toward a negotiated agreement.
ECB Approval Could Clear Major Hurdle
Regulatory approval remains another important part of the process.
The European Central Bank is leaning toward approving UniCredit’s takeover, with a preliminary assessment finding no grounds to block the transaction. A final regulatory review is expected in September or October.
However, regulators have also warned that integrating the two banks could be complicated and lengthy because of governance issues, cultural differences and tensions created by the hostile takeover process.
UniCredit Sees Cost and Scale Benefits
For UniCredit, taking control of Commerzbank would significantly expand its position in Germany, where it already operates through HypoVereinsbank.
Orcel is targeting approximately €1.3 billion in cost reductions at Commerzbank while initially keeping the German lender operationally separate from UniCredit’s existing German business.
A larger combined banking group could also spread technology, cybersecurity, artificial intelligence and digital infrastructure costs across a broader customer and revenue base.
The potential takeover would represent one of the most significant cross-border banking combinations in Europe in years and could become an important test of whether the eurozone is ready for deeper banking consolidation.
For now, the key development remains Berlin’s position. A sale of Germany’s 12.7% stake has not yet been formally approved, but even a willingness to discuss the possibility represents a notable change in a takeover battle that has been running for nearly two years.
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