Commerzbank enters UniCredit takeover talks as stake reaches 27%

Commerzbank UniCredit takeover talks are set to begin after the German lender agreed to engage with the Italian bank, which holds a 27% direct stake and has sought to raise that holding to 30%, according to Reuters and Finextra. The move marks a shift for Commerzbank after months of resistance to UniCredit’s effort to buy the bank.

Commerzbank chairman Jens Weidmann said discussions were now necessary because UniCredit has become a dominant presence in the German bank’s shareholder base, Reuters reported. He said Commerzbank would have preferred a different outcome, but that UniCredit’s position had left the bank with little choice but to enter talks.

“We have to have constructive talks to establish the key parameters for staff, shareholders and the customers of the bank,” Weidmann said in a statement to Reuters. He added: “Everyone needs to act like adults now, because one thing is certain: These discussions are in UniCredit's interest as well, and there will be no shortcut via Berlin.”

Why is Commerzbank talking to UniCredit now?

Commerzbank is entering talks because UniCredit’s shareholding has become large enough to make its takeover ambitions difficult to ignore. A direct stake represents shares held by the investor itself, and in this case UniCredit already owns 27% of Commerzbank while seeking approval to increase the holding to 30%.

The discussions are expected to focus on the terms that would affect Commerzbank’s main constituencies: employees, investors and customers. Weidmann’s comments indicate that the bank wants those issues addressed through formal engagement with UniCredit rather than through a political route in Germany.

UniCredit first invested in Commerzbank in 2024, according to Finextra. Since then, Commerzbank has been under pressure to preserve its independence while UniCredit has continued to press for a deal.

The potential transaction would connect two large European banking groups across Germany and Italy, making it relevant for corporate clients, retail customers, regulators and policymakers. Finextra reported the story in its wholesale banking coverage, a sector that includes transaction banking, corporate banking and supply chain finance.

Commerzbank’s internal restructuring has been unfolding alongside the takeover pressure. In May 2026, the German bank planned to cut 3,000 jobs as it increased investment in artificial intelligence, Finextra reported at the time.

No final takeover terms were reported, and Weidmann’s statement did not indicate that Commerzbank had endorsed a sale. The confirmed development is that the bank is now willing to hold talks with UniCredit after opposing the Italian lender’s approach for months.

This story draws on original reporting from Finextra Research.