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.
The Italian lender denied suggestions that the actual number of tendered shares was lower than stated due to borrowing mechanisms.
Italian bank UniCredit on Monday dismissed as groundless suggestions by Commerzbank that the real take-up in its exchange offer to take over the German lender is lower than data show.
The Italian bank also holds financial contracts that give it exposure to an additional 16.4% stake in Commerzbank, according to a regulatory filing, with one week to go for the offer period.
Rising inflation pressures due to the ongoing war in Iran mean investors will have to wait a little longer for gold to break out of its current consolidation phase, according to Carsten Fritsch, commodity analyst at Commerzbank.
Commerzbank AG (CRZBY) Presents at Goldman Sachs 30th Annual European Financials Conference 2026 Transcript
Commerzbank ETR: CBK Chief Executive Bettina Orlopp said the German lender's updated “Momentum 2030” strategy is built on continued revenue growth, lower costs and efficiency gains from artificial intelligence, while reiterating that the bank sees UniCredit's current takeover offer as unattractive.