Commerzbank CEO Bettina Orlopp has pledged to defend the interests of shareholders as the German lender faces a takeover bid from Italy's UniCredit. Orlopp emphasized that while Commerzbank remains open to discussions, UniCredit must acknowledge the strength of Commerzbank's standalone strategy and offer a premium to shareholders in any potential deal [1]. She criticized UniCredit's current proposal, stating it lacks sufficient detail on the integration with HypoVereinsbank, UniCredit's Munich-based subsidiary, and questioned the feasibility of pan-European synergies without a formal European banking union [1].
Commerzbank reported a first-quarter operating profit of 1.36 billion euros ($1.6 billion) and is targeting a net return on tangible equity of 21% by 2030. The bank expects net interest income to reach about 8.6 billion euros for 2026 and plans to cut around 3,000 jobs to achieve these targets [1]. In early trading, Commerzbank shares fell 2.6%, while UniCredit shares were down 1.9% [1].
UniCredit currently holds a 28% stake in Commerzbank and is seeking to increase its position to over 30%, a key regulatory threshold for acquisition bids. On Monday, UniCredit shareholders approved the issuance of 470 million new shares, which could be exchanged for Commerzbank shares in a tender offer [1]. Orlopp declined to comment on speculation regarding the German government, which owns a 12% stake in Commerzbank, potentially increasing its holding as an alternative to the UniCredit bid. However, she noted that Berlin's interest reflects concerns that UniCredit's takeover could negatively impact Germany's mittelstand, the country's small- and medium-sized enterprises [1].
UniCredit CEO Andrea Orcel stated that he does not expect UniCredit to gain overall control of Commerzbank, but believes the Italian bank's growing influence has prompted Commerzbank's management to reassess their strategy [1].
CONCLUSION
Commerzbank's leadership is taking a firm stance in negotiations with UniCredit, demanding recognition of its standalone value and a premium for shareholders. The ongoing takeover battle has led to share price declines for both banks and heightened scrutiny from stakeholders, including the German government. The outcome remains uncertain as both sides continue to position themselves for further talks.