Berlin, May 17, 2025
The German government does not anticipate that Italian banking group UniCredit will move forward with a full takeover of Commerzbank in the near future. Officials have indicated that UniCredit’s current stake in Commerzbank, estimated at around 28%, does not appear poised to cross the 30% threshold that would trigger a mandatory takeover under German financial regulations.
Chancellor Friedrich Merz acknowledged the situation, stating that while UniCredit has built a significant position, there is no indication at present of an imminent bid. The government remains vigilant, however, given the sensitive nature of foreign acquisitions in the national banking sector.
UniCredit CEO Andrea Orcel has previously hinted that while a full acquisition of Commerzbank is not off the table, any such move would only occur if it clearly aligns with shareholder interests. Orcel has emphasized that the bank is not seeking expansion for its own sake, but rather pursuing opportunities that provide long-term value.
Germany’s finance ministry has expressed skepticism about a full acquisition, suggesting that such a deal would not align with the country’s economic interests. The government has previously signaled its opposition to the idea, citing potential risks to financial stability and national control over a key banking institution.
Commerzbank’s leadership has also been resistant to UniCredit’s advances. CEO Bettina Orlopp has reiterated the bank’s commitment to pursuing its independent strategy and has voiced concern about the implications of a foreign takeover, particularly in terms of jobs and operational autonomy.
While UniCredit has received approval from European regulators to increase its stake to just under 30%, both political and public sentiment in Germany remain firmly against any move that could lead to a loss of national oversight. Recent discussions between German and Italian leaders did not include the topic, suggesting that the matter is currently on pause.
For now, the situation appears to have reached a standstill, with Germany closely monitoring developments and UniCredit taking a more measured, long-term approach to its investment in Commerzbank.