Commerzbank CEO Bettina Orlopp has called for constructive dialogue with UniCredit, marking a decisive turn in a nearly two-year standoff over the Italian bank's hostile approach to Germany's second-largest lender. The announcement, made to staff on Commerzbank's intranet and seen by Reuters, comes after UniCredit built an economic stake of 47.6% that translates to roughly 49.65% of voting rights — effective control without technically crossing the 50% threshold.
UniCredit began accumulating shares in September 2024 and launched a voluntary public takeover offer in May 2026. The acceptance period closed on July 8 with commitments for an additional 17.6% of shares, pushing the Italian lender's holding to its current level. The bid values Commerzbank at roughly €45 billion ($51.8 billion).
Orlopp told employees that discussions will proceed "step by step" in close cooperation with the Supervisory Board, employee representatives, and the German Federal Government. She set a prerequisite of "a shared understanding of the business model and the involvement of all stakeholders" and warned that even if UniCredit secures a majority at the next annual general meeting, "it will not be able to push through fundamental structural changes on its own." The German state retains a 12% stake dating from the post-2008 bailout.