Commerzbank formally rejected UniCredit's takeover offer on May 18, 2026, advising shareholders against accepting the bid [1, 2, 3]. The bank's supervisory and management boards issued the recommendation after assessing the proposal [1].
UniCredit, Commerzbank's largest shareholder, offered to acquire Commerzbank by exchanging one Commerzbank share for 0.485 UniCredit shares. This values Commerzbank at nearly €39 billion (approximately US$45.37 billion) according to some sources, though others cite an approximate valuation of €37 billion (US$43 billion) based on last week's closing price [1, 2, 3].
Commerzbank described the offer as undervaluing the bank and carrying considerable risks. "The offer does not reflect the fundamental value of Commerzbank and is vague and entails considerable risks," the management said [1]. CEO Bettina Orlopp added, "UniCredit has not provided our shareholders with sufficient premium" in the offer [3]. Management also criticized the bid as vague, coercive, and offering almost no premium [1].
The takeover battle began in 2024 when UniCredit started accumulating nearly a 30% stake in Commerzbank [1, 3]. UniCredit CEO Andrea Orcel publicly pursued the acquisition from September 2024 and formally submitted the offer in March 2026 [3].
UniCredit has until June 16, 2026, to continue the takeover offer period [3]. Commerzbank’s rejection on May 18 sets the stage for ongoing shareholder debate ahead of that deadline.
