UniCredit Eyes Full Control of Commerzbank in Q4, Says CEO

UniCredit's Acquisition Plans for Commerzbank

UniCredit CEO Andrea Orcel revealed in an exclusive interview with CNBC that the Italian bank is targeting a complete acquisition of Commerzbank by the fourth quarter of this year. Currently, UniCredit holds a 48% stake in the German lender, significantly increasing from an initial 9% acquired in 2024 and up to approximately 30% this past March.

Regulatory Steps Necessary for Acquisition

Orcel noted that while progress has been made, several regulatory steps need to be navigated before a full takeover can be executed. In his discussion with CNBC's Carolin Roth, he remarked, "With respect to the normal regulatory environment and antitrust... we think now potentially in Q4, maybe later, and that would mark the moment when we go in." He clarified that UniCredit does not intend to wait for Commerzbank’s annual general meeting scheduled for May.

Despite optimistic signals from UniCredit, Commerzbank has maintained that its position remains unchanged, urging that only a constructive dialogue can foster value for all stakeholders involved. In a formal statement, the bank underscored the importance of cooperation amidst the shifting dynamics of their negotiations.

The Evolving Takeover Battle

UniCredit's pursuit of Commerzbank has turned into one of the most scrutinized takeover battles in Europe, with the two banks clearly on diverging paths. The German Finance Ministry has also expressed its desire for a calming dialogue, indicating a noteworthy pivot from its previous opposition to the takeover efforts, although it has reiterated its disapproval of UniCredit's aggressive strategy.

Shares of UniCredit were reported to be down 2.3% in early trading, whereas Commerzbank saw a slight decrease of 0.7%. Sascha Uebel, Commerzbank’s deputy chair, urged both parties to engage in discussions maturely, reflecting the tensions and complexities surrounding the potential merger.

Comprehensive Financial Performance Review

In UniCredit’s latest second-quarter results, the bank's overall net profit fell by 13% to 2.9 billion euros ($3.3 billion), although it projected an optimistic annual profit goal exceeding 11 billion euros. The evolving stake in Commerzbank has transitioned for UniCredit from being merely a financial investment to a strategic move that could substantially enhance industrial value creation within the banking sector.

As the situation develops, the financial community is keenly watching to see how these discussions evolve and whether UniCredit will successfully realize its ambition to fully acquire Commerzbank.