Commerzbank Takeover Looms as Orcel Nears Majority Ownership
UniCredit's Andrea Orcel is nearing half-ownership of Commerzbank after steadily expanding his stake over several months. According to Handelsblatt, he now holds just shy of the 50-percent threshold, which would grant him significant influence over the bank's strategic direction.
The Italian banker first took a position in Commerzbank in the summer of 2024 and has since added blocks of shares, including a five-percent stake purchased from the German state in September. The majority of shares tendered into UniCredit's offer came from entities affiliated with the Italian group itself, rather than independent institutional investors or retail shareholders.
Commerzbank's management, led by CEO Bettina Orlopp, has signaled a willingness to engage in constructive talks with UniCredit after initially resisting its advances. The shift follows record half-year results for Commerzbank, which saw a 40 percent jump in net profit and an 8 percent increase in fee income.
The German government's stance on the takeover has also shifted, with officials now working on a new approach that would attach conditions to any deal. The European Central Bank is expected to rule on UniCredit's application for a majority stake within the next two months, which could pave the way for Orcel to take control of Commerzbank.