UniCredit advances bid for Commerzbank

UniCredit (UCGm) has received strong shareholder support to advance its proposed takeover of Commerzbank (CBKd), marking a key step in one of Europe’s most closely watched banking deals. At an extraordinary general meeting, investors approved a capital increase designed to finance the planned acquisition of the German lender.

According to the company, 99.55% of the represented capital voted in favor of issuing new UniCredit shares. This mandate enables the Italian bank to raise up to €6.7 billion, providing the financial basis for its offer for Commerzbank.

UniCredit plans to propose an all-share transaction to Commerzbank shareholders. Under the current plan, investors in Commerzbank would receive 0.485 newly issued UniCredit shares for each Commerzbank share they hold.

Based on this exchange ratio, the transaction values Commerzbank at approximately €35 billion. This valuation underpins the scale of UniCredit’s ambitions in the German market and sets a benchmark for assessing the attractiveness of the proposal.

However, Commerzbank shares are currently trading at a level that is higher than the implied value of the offer, which may affect how shareholders view the proposal. The relationship between the market price and the offer terms is a central factor for investor decision-making.

UniCredit has outlined a clear timetable for the next stage of the process. The bank expects to present its formal takeover proposal for Commerzbank on May 5, 2026, subject to the usual regulatory and procedural steps.

Once the formal bid is launched, Commerzbank shareholders will have a four-week period to decide whether to accept the offer. This acceptance window will be a critical phase, determining the eventual level of UniCredit’s stake and the success of the deal.

The proposed acquisition forms part of UniCredit’s broader strategy to reinforce its position in the European banking sector. By pursuing Commerzbank, UniCredit is targeting a larger footprint in a key eurozone market and seeking to expand its scale across the region.

Shareholder approval for the capital increase signals support for this strategic direction and for a transaction that would significantly increase UniCredit’s presence in Germany. The outcome of the forthcoming offer period will shape the next stage of consolidation in the European banking landscape.