Finance
Commerzbank Rejects UniCredit's 'hostile' Approach
Published by Global Banking & Finance Review®
Posted on April 20, 2026
1 min readLast updated: April 20, 2026
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Commerzbank firmly rebuffed UniCredit’s unsolicited takeover overture, denouncing it as “hostile” and lacking a value-creating premium for shareholders, reaffirming confidence in its standalone “Momentum” strategy.
Commerzbank Firmly Rejects UniCredit’s Hostile Takeover Approach Amid Tensions
Commerzbank Responds to UniCredit’s Takeover Bid
Official Statement from Commerzbank
FRANKFURT, April 20 (Reuters) - Commerzbank said on Monday that it rejected UniCredit's approach for a takeover, accusing the Italian lender of "hostile tactics and misleading characterisations."
Background and UniCredit’s Demands
The strongly worded statement is in response to UniCredit statements earlier on Monday saying Commerzbank should adopt measures to improve its performance.
Commerzbank CEO’s Reaction
“We are astonished that it took UniCredit more than 18 months to present a unilateral plan that lacks basic understanding of the drivers of our business model despite regular investor meetings during this period," said Commerzbank CEO Bettina Orlopp.
Reporting Credits
(Reporting by Tom SimsEditing by Tomasz Janowski)
Key Takeaways
- •Commerzbank rejects UniCredit’s €35 billion voluntary exchange offer, calling it unilateral and devoid of sufficient premium for investors.
- •CEO Bettina Orlopp emphasizes the bank’s independent ‘Momentum’ strategy and asserts that UniCredit’s approach mischaracterizes their business model.
- •The German government and trade unions have consistently opposed UniCredit’s aggressive bid, raising political and economic sovereignty concerns.
Frequently Asked Questions about Commerzbank rejects UniCredit's 'hostile' approach
1Why did Commerzbank reject UniCredit's takeover approach?
Commerzbank cited hostile tactics and misleading characterisations by UniCredit as reasons for rejecting the takeover approach.
2What was UniCredit's suggestion to Commerzbank?
UniCredit suggested that Commerzbank should adopt measures to improve its performance.
3How did Commerzbank publicly respond to UniCredit's statements?
Commerzbank issued a strongly worded statement accusing UniCredit of lacking understanding of its business model.
4How long had UniCredit been developing its takeover plan?
Commerzbank stated that it took UniCredit more than 18 months to present its unilateral plan.
5Who is the CEO of Commerzbank?
Bettina Orlopp is the CEO of Commerzbank.
