Berlin Weighs Blocking Stake in Commerzbank as UniCredit Circles

The German government is considering intervening in the potential takeover of Commerzbank by UniCredit. According to sources, Berlin is quietly exploring a move that would give the state a blocking minority stake of 25 percent plus one share through the KfW development bank.

This would carry a price tag of approximately €5.5 billion, a significant outlay for the government. The German government currently holds just 12 percent of Commerzbank's shares.

The calculus behind this potential intervention is straightforward: UniCredit has secured tenders for 17.6 percent of Commerzbank's shares and, combined with its previously accumulated 26.77 percent stake and call options covering a further 3.22 percent, the Italian lender's theoretical reach now extends to 47.59 percent, just short of majority control.

The European Central Bank has yet to grant approval for the acquisition of control, with observers anticipating a decision in the fourth quarter of 2026. If the takeover proceeds as planned, UniCredit is expected to pursue a merger with its German subsidiary HypoVereinsbank within three years.