Takeover battle with Unicredit: Orlopp: “Unicredit needs more than just control”

Commerzbank boss Bettina Orlopp sees her own defense strategy in the takeover battle with the Unicredit not failed and still a number of hurdles for the Italians. «When we started in September 2024, the share price was not yet where it should be. “Since then, we have fulfilled what we promised the market and investors,” Orlopp told the “Frankfurter Allgemeine Zeitung” (FAZ). “We have a record year in 2025 behind us, very ambitious goals for 2026 and the following years.” The share price has doubled since February 2025.

Unicredit announced on Wednesday that it had acquired more than 47 percent of the company with its takeover offer, including financial instruments Commerzbank has secured. The Italians emphasized that they were interested in constructive discussions with all interest groups, while the federal government, as Commerzbank’s major shareholder, described Unicredit’s actions as “unacceptable”.

“Commerzbank has delivered”

“At the moment nothing will change in the short term because the voting rights are only actually available once the approval of the ECB has been received,” said Orlopp. “And Unicredit is still some way away from a qualified majority at the general meeting, namely 75 percent.”

Unicredit needs more than control for complete integration. “As long as there is no control agreement, no merger, no squeeze-out, I have to act independently because there are minority shareholders that I have to protect.”

Commerzbank has proven that it delivers. «Added value only comes through integration and synergies. To do this, I absolutely need a sensible agreement on the business model, the support of management, the supervisory board, employee representatives and also the second largest shareholder, the federal government.

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