Commerzbank chair calls for review of German takeover rules after UniCredit bid

Jens Weidmann, the chairman of Commerzbank, is calling for a rethink of Germany’s takeover regulations as UniCredit’s creeping acquisition of the German bank tests the limits of existing rules. The Italian lender has accumulated roughly 48% of Commerzbank shares, a position built through a combination of market purchases, derivative positions, and a voluntary exchange offer that launched in March 2026. How UniCredit got to 48% UniCredit’s pursuit of Commerzbank has been a slow-motion siege. The Italian bank started building its stake in September 2024, eventually securing ECB approval to pursue up to 30% of the German lender. On March 16, 2026, UniCredit launched a voluntary public exchange offer, proposing to swap 0.485 UniCredit shares for each Commerzbank share. By early July, about 17.6% of shares had been tendered through that offer, pushing UniCredit’s total position to approximately 48%. Independent shareholders tendered only about 2.7% of shares from their own holdings. Commerzbank’s board had recommended shareholders reject the offer, calling it financially inadequate. The German government, which holds a nearly 13% stake in Commerzbank dating back to the financial crisis ...