A major German banking institution has officially declined a massive acquisition proposal from an Italian competitor, escalating a corporate battle that has been brewing for months.
On Monday, Commerzbank’s leadership formally turned down UniCredit’s bid to purchase the German financial institution, continuing their resistance to the international merger attempt.
The Italian bank has accumulated the largest ownership stake in Commerzbank and recently presented a buyout proposal valuing the German lender at approximately 39 billion euros ($45.37 billion), though this figure falls short of current market pricing.
In their official response, Commerzbank’s supervisory and management boards stated they “recommend that shareholders not accept UniCredit’s exchange offer.”
The German bank’s leadership expressed strong criticism of the proposal, stating it “does not reflect the fundamental value of Commerzbank” and describing it as “vague and entails considerable risks.”
Commerzbank has maintained consistent opposition to any merger, previously characterizing UniCredit’s proposal as “vague and coercive” with “quasi-nil premium.”
However, Monday marked the first time the German institution provided an official stance and guidance to its shareholders regarding the takeover attempt.
This formal rejection will likely extend the corporate struggle for control of one of Germany’s major financial institutions, a conflict that began in 2024 when UniCredit started building its ownership position in the competitor, eventually reaching nearly 30% control.
