Dax Group Before Takeover?: Commerzbank: With Record Profit in Talks with UniCredit

Commerzbank, Germany's second-largest listed bank, appears poised for further discussions with its major shareholder, Unicredit, following a significant surge in profits during the second quarter of 2026. Commerzbank CEO Bettina Orlopp expressed readiness for constructive dialogue with the Milan-based Unicredit, emphasizing that a shared approach could create value.

She stated that Commerzbank now sees itself as a "control shareholder," with the timeline suggesting approval for Unicredit's plans by the fourth quarter, pending regulator reviews.

Orlopp clarified that the question of her future was not her own to answer, but rather her responsibility as CEO lies in maximizing the situation for all stakeholders. It is important to note that over 50% of Commerzbank's shares are not under Unicredit's control, and the two banks continue to compete. Despite a record profit of almost 1.8 billion euros in the first half of 2026, Commerzbank is on track to meet its annual profit target of at least 3.4 billion euros, thanks to initiatives like share buybacks.

Unicredit, which acquired a controlling stake in Commerzbank two years ago, now holds nearly half of the company's shares. Unicredit CEO Andrea Orcel anticipates a swift control takeover, while Orlopp insists that decisions on structural measures would require joint understanding and stakeholder engagement. The German government, with its 12% stake, remains a factor, as its share purchase in September 2024 cleared the way for Unicredit's takeover attempt.

The potential takeover of Commerzbank by Unicredit has sparked resistance from Commerzbank's management, works council, and employees, and has faced criticism from the German government. Unicredit has continued to acquire shares, increasing its stake to 44.37% through voluntary takeover offers and purchase options, with the potential to reach 47.59%. Commerzbank has accused Unicredit of artificially inflating its shareholding, prompting an investigation by the German financial supervisory authority (BaFin).