In a Bloomberg Television interview on March 17, 2026, Commerzbank CEO Bettina Orlopp described Italian lender UniCredit’s unsolicited €35 billion ($40 billion) takeover approach as a complete “surprise”. Not only that, but she also added that it was pitched at a “very low price.”
The comments come one day after UniCredit, led by CEO Andrea Orcel, launched a voluntary public exchange offer aimed at increasing its stake in Commerzbank above 30% (a threshold that triggers mandatory takeover rules under German law). The proposed exchange ratio is approximately 0.485 UniCredit shares per Commerzbank share. This implies around €30.8 per share and a modest ~4% premium based on March 13 closing prices. UniCredit has framed the move as a way to break an 18-month stalemate and push for merger talks, insisting it does not currently seek full control.
Orlopp, speaking to Bloomberg’s Anna Edwards, pushed back firmly. She emphasized that the offer “was not coordinated” with Commerzbank and lacked key terms needed for meaningful discussions on a value-creating transaction. Instead, the German bank plans to stay independent and accelerate its own profitability efforts.
“We are currently thinking about accelerating the process of raising Commerzbank’s profitability,” Orlopp said, signaling a strategy to demonstrate standalone value and fend off the pursuit.
The bid has already drawn sharp opposition from the German government and regulators. Who have historically resisted foreign takeovers of major domestic lenders like Commerzbank (Germany’s second-largest bank). UniCredit first built a stake in Commerzbank in 2024. It has since gradually increased its position, but political and regulatory headwinds remain significant.
Market reaction: Commerzbank shares rose notably (reports indicate around 8.6% in early trading) on the bid news, while UniCredit shares saw modest gains.
This latest escalation highlights ongoing consolidation pressures in European banking amid geopolitical uncertainty and economic challenges. For now, Commerzbank appears committed to going it alone, but the pressure from Milan is unlikely to ease quickly.
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