Unicredit rises to 26% of Commerzbank. German government: 'uncoordinated and hostile approach'

"The Federal Government takes note of the increase of UniCredit's shareholding in Commerzbank to about 26%. The position of the Federal Government remains unchanged: it rejects the renewed uncoordinated and hostile approach of UniCredit". This was said by a spokeswoman for the German Ministry of Finance regarding UniCredit's announcement that it had increased its stake in Commerzbank.

The German government refers to the announcement of the Italian banking group, which strengthened its position as the largest shareholder in Commerzbank by continuing the conversion of its synthetic position in the German bank into shares and increasing its shareholding, including in voting rights, to about 26%. "The remaining synthetic position will be converted into physical shares in due course, bringing the total shareholding to around 29 per cent," a note reads. The total impact on the Cet1 ratio for the equity holding of approximately 29% has increased from approximately 110 basis points, as previously communicated, to approximately 145 basis points, due to the increase in the share price and the simultaneous restructuring of the collar derivative hedge, which is intended to reduce future volatility on the income statement. The return on investment is confirmed to be around 20 per cent. 'Although it does not currently intend to seek representation on the board of directors,' the note specifies, 'UniCredit will continue to closely monitor Commerzbank's progress in sustainably strengthening its business and creating value for its shareholders, customers and employees.

'We have taken note of UniCredit's announcement. The increase in the shareholding does not change the fundamental situation or our position. The success of our strategy to date and the broad support of our stakeholders encourage us to continue working towards the consistent implementation of our growth strategy. In this way, we create value for our shareholders, employees, customers and other stakeholders. Commerzbank is excellently positioned and is on track to establish itself as a major player among European banks'. Thus Commerzbank on UniCredit's announcement that it has increased its stake in the German bank. "Our latest financial figures prove this: in the first six months of 2025, we generated the highest operating profit since the company's foundation, amounting to EUR 2.4 billion. Commerzbank has also once again revised upwards its forecasts for the full year 2025: both net interest margin and net profit forecasts have been further increased," Commerzbank concludes.