Commerzbank AG (CRZBY) Q2 2026 Earnings Call Transcript
Bettina Orlopp appealed for constructive dialogue with UniCredit after the Italian bank achieved a near majority stake in its German rival.
The gold market is struggling to hold support above $4,000 and could face further selling pressure, as one bank says a recovery remains unlikely as long as the war in Iran persists.
UniCredit now has de facto control of Commerzbank, having increased its stake to 48%. CEO Andrea Orcel said an acquisition could happen "potentially" in the fourth quarter
UniCredit raised its profit targets for this year and beyond, though net profit for the second quarter was hurt by a one-off hit tied to its offer for Commerzbank.
Commerzbank's workers council on Thursday rebuffed UniCredit's advances, maintaining their resistance to a tie-up as the Italian bank nears control of the German competitor.
One of Europe's most cantankerous banking battles in decades is becoming more a question of how and when, not if, UniCredit secures its prize, after it disclosed it was nearing control of Germany's Commerzbank in its €45 billion ($51 billion) hostile deal.
UniCredit said it increased its voting rights in Commerzbank but fell short of securing a majority share of the German bank.
Commerzbank on Friday published a letter to shareholders again asking them to reject UniCredit's to buy shares, maintaining its months-long resistance to any deal as an offer period enters its final stretch.
The Italian lender plans to reopen its offer to Commerzbank shareholders for another two weeks.
The government cited what it called an aggressive approach from UniCredit, rebuffing the Italian lender's multibillion-dollar bid for Commerzbank.
Germany has officially rejected UniCredit's offer to buy Commerzbank shares, the country's finance agency said on Tuesday, citing a low price and support for an independent Commerzbank.