Unicredit, the Italian banking group, has announced a voluntary public exchange offer for all of Commerzbank’s shares. The announcement came in an ad‑hoc notice released by Unicredit on Monday.
Unicredit is already Commerzbank’s largest individual shareholder, holding roughly 26 percent of the bank’s capital. In the exchange proposal, Unicredit would offer about 0.485 new Unicredit shares for each existing Commerzbank share. The offer remains subject to approval by Germany’s financial regulator, BaFin, as well as the European Central Bank.
To provide the capital needed for the takeover, Unicredit plans to convene an extraordinary general meeting no later than 4 May. Commerzbank CEO Bettina Orlopp has publicly opposed the acquisition, and the German federal government has likewise rejected Unicredit’s overtures, affirming its commitment to keeping Commerzbank independent.
The formal launch of the offer is scheduled for early May, with a four‑week window for shareholders to respond. Unicredit expects the deal to be completed in the first half of 2027, once all regulatory approvals are secured.