Commerzbank agrees to resume merger talks with UniCredit

Commerzbank CEO Bettina Orlopp has told employees the bank will resume negotiations with UniCredit over a potential tie-up, marking a dramatic reversal after months of management opposition to the Italian lender's takeover ambitions.

"Over the coming weeks and months, Commerzbank and UniCredit will hold talks to determine, step by step, how we will proceed," Orlopp said in an internal post on Thursday, as first reported by Handelsblatt on Friday. "We will do this in close cooperation with the supervisory board and employee representatives, and in close consultation with the German federal government."bloomberg+1

A Shift in Tone

The announcement represents a notable change in posture from Orlopp and her management team, who had long resisted a combination with UniCredit. Several rounds of talks in recent months had fizzled out in disagreement, according to Reuters. Orlopp framed the resumption as a response to pressure from multiple stakeholders, saying that "the federal government, employee representatives, and Commerzbank's supervisory board have made it clear that they now expect UniCredit to engage in a constructive dialogue with Commerzbank."devdiscourse+1

"I believe that UniCredit is also willing to do so. After all, without dialogue, there can be no value creation," Orlopp added.devdiscourse

UniCredit's Tightening Grip

The talks come as UniCredit CEO Andrea Orcel has steadily built a commanding position in Commerzbank, now holding roughly 48 percent of shares following the close of its exchange offer. The Italian lender's stake grew largely through direct purchases rather than through its formal tender offer, which saw minimal participation from institutional and retail investors.ad-hoc-news

Orcel said this week he expects regulatory approvals for a controlling stake to arrive within six months, potentially placing a green light in the fourth quarter of 2026. Commerzbank's supervisory board chairman Jens Weidmann, the former Bundesbank chief, has also called on UniCredit to hold direct talks with management, effectively acknowledging that a takeover can no longer be blocked.marketscreener+1

What Comes Next

Investors will look to Commerzbank's second-quarter results on August 6 for signals on how the bank intends to balance its standalone "Momentum 2030" strategy against the reality of UniCredit's near-majority ownership. The bank has raised its 2026 net income target to at least €3.4 billion and maintains a policy of distributing 100 percent of net profit after AT1 coupons. Bloomberg reported that Orlopp's statement confirmed its earlier reporting on the planned discussions.bloomberg+1