The battle for control of Commerzbank has entered a new, contentious phase, with the German lender launching sharp criticism against Italian banking giant Unicredit's takeover approach. On Monday evening, Commerzbank accused Unicredit of pursuing "persistently hostile tactics and misleading representation" in its bid to acquire the Frankfurt-based bank.
The escalation came after Unicredit CEO Andrea Orcel publicly criticized Commerzbank's strategic direction, suggesting the German bank relies too heavily on "external framework conditions" and "international growth."
"Commerzbank can create far more value than it does today, and its current course jeopardizes its survival in the medium term," Orcel said. The Unicredit chief promised that his bank would "refocus on Germany" and generate greater growth for shareholders.
Commerzbank swiftly dismissed Unicredit's proposal as "speculative" and defended its independent strategy as delivering genuine value to shareholders. "What Unicredit presented today is not a value-creating business combination," declared Commerzbank CEO Bettina Orlopp.
"It is astonishing that Unicredit needed 18 months to present an uncoordinated plan that, despite regular investor meetings during this period, demonstrates a fundamental lack of understanding of the drivers of our business model."
Unicredit made its initial substantial investment in Commerzbank in late 2024 and has steadily increased its stake since then. In mid-March, the Italian bank submitted a formal offer to acquire additional shares, setting the stage for what could become one of Europe's most significant cross-border banking consolidations.
However, the takeover faces significant opposition. Commerzbank's leadership, employees, and the German federal government have all expressed resistance to Unicredit's advances since the Italian bank's first move. The Frankfurt institution is betting that improved financial targets will convince shareholders that an independent Commerzbank offers better long-term returns.
Commerzbank reinforced its position with pointed language about Unicredit's approach to the potential deal. "Today's communication confirms once again that there is no discernible willingness on Unicredit's part to submit a constructive proposal," the bank stated. Commerzbank accused Unicredit of settling for "uncoordinated stakes, repeated attacks on Commerzbank's business model and management, as well as the announcement of an uncoordinated public takeover offer."
The increasingly hostile rhetoric suggests that any path toward a negotiated merger has become significantly more complicated, with both sides now firmly entrenched in their positions as the takeover drama continues to unfold.
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