UniCredit (UCG) increases Commerzbank stake to 37.7% through acquisition offer
UniCredit has significantly increased its direct holding in Commerzbank, reaching 37.7% of the German bank's capital. This follows further acceptances of its acquisition offer, which remains open for another week. The Italian lender acquired an additional 10.9% of Commerzbank's total capital through new shares, augmenting its previous direct stake of 26.8%. UniCredit also holds financial contracts providing exposure to a further 16.4% of Commerzbank's shares. The €24 billion acquisition bid has faced firm opposition from Commerzbank's management, the German government, and trade unions.
This development occurs as Commerzbank requested Germany's financial regulator, BaFin, to initiate an investigation into UniCredit's disclosures concerning derivatives used in the offer. This request was first reported on 4 June 2026, as detailed in previous coverage.
UniCredit (UCG) shares are trading at €70.65 today, 10 June 2026, marking a 1.4% decline from their previous close of €71.62. The modest downturn continues a negative trajectory that began on Monday, 8 June.
Why regulatory questions are weighing on UniCredit's Commerzbank pursuit
UniCredit operates as a major commercial bank across Europe, serving millions of customers with a broad range of financial services. From everyday accounts and retail loans to investment and financing for large corporations and institutions, its core business involves gathering deposits and extending credit. The bank generates revenue from the interest on its loans, fees for various banking services, and its trading activities in financial markets.
The specific factor influencing UniCredit shares today stems from escalating tensions around its attempted acquisition of German rival Commerzbank. The key development is Commerzbank's request, first reported on 4 June 2026, for the German financial regulator, BaFin, to investigate UniCredit's disclosures related to derivatives. This move introduces a layer of regulatory uncertainty and potential scrutiny, even as UniCredit has built up its direct stake in Commerzbank to 37.7% in what is a €24 billion operation, already facing strong opposition from Commerzbank's management, the German government, and unions.
This growing regulatory pressure and opposition have contributed to UniCredit's shares trading down 1.4% today, 10 June 2026, to €70.65, from yesterday's close of €71.62.
Imagine you are trying to buy a desirable property, but the seller, besides resisting your offer, asks the authorities to verify the legitimacy of the funds or guarantees you have presented. Even if your offer is robust and you have increased your stake in the property, the launch of an investigation introduces an element of risk and uncertainty, making the final outcome less predictable and potentially more costly.
UniCredit
UniCredit S.p.A. (UCG) is a diversified financial institution offering a comprehensive suite of banking and financial services. Its operations span retail, corporate, and private banking, providing customers with accounts, loans, cards, and payment solutions. The bank also delivers a range of investment products, advisory services, and treasury management, alongside insurance offerings and digital banking platforms. For businesses, UniCredit provides solutions for working capital, hedging, international trade, and various funding options, including structured finance and debt and equity funding. The institution also offers corporate finance, capital structure, and rating advisory, in addition to sustainable finance solutions. Serving a broad client base encompassing retail, corporate, public sector, and institutional clients, UniCredit maintains a significant international presence across Italy, other European countries, America, and Asia. The bank was established in 1870 and is headquartered in Milan, Italy.