UniCredit's Bid for Commerzbank Faces Resistance Amid Strong First-Half Results

Commerzbank's strong first-half results have given Frankfurt leverage in its takeover talks with UniCredit, which is seeking to gain control of the German lender. The European Central Bank (ECB) will make a decision on the merger by the end of the year, but Commerzbank CEO Bettina Orlopp has urged for a 'consensual and value-creating solution' that brings management, employee representatives, and the German state to the table.

The bank's record net profit of €1.81 billion in the first half of 2026 has improved its bargaining position with UniCredit. Commerzbank's operating profit climbed 14% to €2.7 billion, with revenue rising 7% to €6.5 billion and commission income increasing by 8%. The cost-income ratio also improved to 53% on a half-year basis.

UniCredit has collected 17.6% of Commerzbank shares and could gain access to up to 50% of voting rights once the transition is complete. However, investors are still uncertain about the outcome of the takeover talks, with some analysts warning that they should not sell immediately. DZ Bank lifted its fair value from €42 to €46 on Friday, while RBC Capital Markets raised its target from €37 to €43 and upgraded the stock to 'Outperform'.