Commerzbank Doesn't See Basis For Deal With UniCredit Following Talks -- Update

Dow Jones04-07

By Elena Vardon

Germany's Commerzbank said it doesn't see a basis for a deal with Italy's UniCredit after recent interactions between the two banks, signaling it will continue to focus on its standalone strategy.

The banks have met several times to discuss the basis and benefits of a transaction, but "an agreed solution is currently not evident," Commerzbank said Tuesday.

The Italian lender, which is Commerzbank's largest shareholder, last month ratcheted up the pressure by launching a takeover offer to bring management to the negotiating table for a potential combination, without seeking to take full control.

The move was part of a long-running campaign by Chief Executive Andrea Orcel--who hopes to merge the group with UniCredit's German unit HypoVereinsbank--and aimed to break a stalemate between the two parties. UniCredit started building a stake in Commerzbank in 2024 and has since encountered opposition from the target as well as German officials and unions for a deeper tie-up.

Commerzbank said its interactions with UniCredit haven't shown enough value potential for its shareholders beyond its existing strategy.

While there has been regular and transparent dialogue with UniCredit in the 18 months since it became a key shareholder, the Italian group hasn't put forward any potential cornerstones of a transaction, Commerzbank said.

UniCredit wasn't immediately available for comment.

The Italian bank, which currently holds around 26% of Commerzbank through a direct stake and 4% via financial contracts, on Friday sent out invitations for an extraordinary general meeting to approve a capital raise to finance the takeover.

Most of the potential outlined in recent conversations by UniCredit isn't based on a combination and can also be realized by Commerzbank independently, without execution risks linked to a deal, the German group added.

"UniCredit has also shown no willingness to offer Commerzbank shareholders a necessary adequate premium," it said, referencing the 4% upside implied in its March 16 offer, which is set to be formally launched at the beginning of May.

Commerzbank said it remains open to discussions and proposals. It reiterated the value-creation potential of its business strategy as a standalone entity and said it would upgrade its financial targets when it publishes its first-quarter results in May.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

April 07, 2026 09:21 ET (13:21 GMT)

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Commerzbank Doesn't See Basis For Deal With UniCredit Following Talks -- Update

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