UniCredit CEO Andrea Orcel has confirmed the bank’s intent to pursue a takeover of Commerzbank, despite strong opposition from the German government and Commerzbank’s management. On July 11, 2025, Orcel stated UniCredit has no plans to abandon its investment, doubling its stake to 20% by converting derivatives into shares, making it the largest shareholder ahead of the German government’s 12% stake.
The Italian bank, which also holds derivatives for an additional 9%, has European Central Bank approval to increase its stake to 29.9%. Orcel aims to merge Commerzbank with UniCredit’s German unit, HVB, to create a banking giant, but faces resistance from German officials, including Finance Minister Lars Klingbeil, who called the approach “unfriendly” and urged UniCredit to abandon its plans. The German government, holding shares since the 2008-09 financial crisis, supports Commerzbank’s independence, citing its systemic importance. Despite no legal tools to block the takeover, Berlin’s opposition remains firm, while Germany’s cartel office sees no antitrust issues. Orcel has until 2027 to decide on a formal offer, with a 30% stake triggering a mandatory bid to remaining shareholders.