Finance
Germany's commerzbank has bumpy history with big M&A
Published by Global Banking & Finance Review®
Posted on March 16, 2026
5 min readLast updated: March 16, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on March 16, 2026
5 min readLast updated: March 16, 2026
UniCredit has launched a €35 billion takeover bid for Commerzbank on March 16, 2026, aiming to cross the 30 % ownership threshold to trigger merger talks—reflecting Commerzbank’s longstanding—and often turbulent—history with large-scale M&A, notably its 2008 Dresdner Bank acquisition and state bailo
By Tom Sims
FRANKFURT, March 16 (Reuters) - Italy's UniCredit launched an offer to raise its Commerzbank stake above 30% on Monday, in a bid to end an 18-month stalemate and get its German rival to enter merger talks.
Like some other banks, Commerzbank has had a rocky history with big mergers and acquisitions over the years.
These are some of the key moments:
Founded in Hamburg and later moved to Berlin. Relocated to Frankfurt in 1970 as one of Germany's leading banks, focusing on retail and corporate customers.
Expands to New York, London and other European capitals.
Agrees to buy Dresdner Bank, one of Germany's biggest banks, from insurer Allianz in a $14.5 billion deal.
Commerzbank is Germany's first commercial bank to turn to the government for capital during the global financial crisis.
In a bailout, Germany takes 25% plus one share stake in Commerzbank in return for an additional 10 billion euro ($11.13 billion) capital injection.
European debt crisis continues.
Commerzbank embarks on a multi-year restructuring.
U.S. investor Cerberus builds a stake controlling 5% of Commerzbank voting rights.
UniCredit tells Berlin it is interested in eventually merging with Commerzbank, Reuters reports, to create one of Europe's biggest banks.
BNP Paribas' then Chairman Jean Lemierre dampened rumours that it was interested in a Commerzbank tie-up.
Commerzbank drops out of blue-chip DAX index.
Cerberus says open to a merger between Germany's two biggest lenders. Deutsche Bank and Commerzbank hold merger talks, but call them off weeks later.
UniCredit engages investment bankers to advise it on a potential bid for Commerzbank, whose supervisory board approves plans to cut thousands of staff and close a fifth of its branches after the failed Deutsche Bank deal.
In U-turn, Commerzbank says it would not sell Polish subsidiary mBank, citing poor market conditions.
Cerberus calls on Commerzbank to appoint two of its nominees to supervisory board, cut costs and adopt new strategy.
Commerzbank chairman and chief executive step down, bowing to Cerberus demands.
Commerzbank's new CEO Manfred Knof wants to cut 10,000 jobs and close hundreds of branches as part of a revamp.
Knof says Commerzbank is working to remain independent.
UniCredit CEO Andrea Orcel approaches Knof about potential deal in early 2022, before Ukraine war, people with knowledge of the matter told Reuters.
Meanwhile, Commerzbank returns to profit and rejoins DAX.
September 11 - UniCredit approaches Commerzbank about exploring merger talks, a source with knowledge of the matter said, after the bank bought a 9% stake. Commerzbank's management discusses how to keep it independent.
September 13 - German government officials and UniCredit bankers hold talks, Reuters reports.
September 16 - Knof snubs UniCredit's overtures, saying he had his own plans and hopes bank can remain independent.
September 20 - Germany says it would not sell any more shares in Commerzbank for now.
September 23 - German Chancellor Olaf Scholz calls UniCredit's move to acquire a possible 21% stake in Commerzbank "an unfriendly attack".
September 24 - Orlopp to take over as CEO, bank announces.
October 1 - Orlopp, on first day as CEO, tells staff she wants Commerzbank to remain independent.
November 12 - Commerzbank considering buying mid-sized German bank as part of defence strategy, people tell Reuters.
November 25 - UniCredit launches bid for domestic peer Banco BPM, which Orcel said would take precedence over any potential Commerzbank move.
December 18 - UniCredit announces increase in its stake in Commerzbank via derivatives to around 28%.
January 31 - Commerzbank posts 20% increase in net profit in 2024, announcing earnings nearly two weeks ahead of schedule.
February 13 - Commerzbank said planned to axe 3,900 mostly local jobs to help it deliver more ambitious profit targets.
March 14 - Commerzbank said it had taken note of the European Central Bank's approval of UniCredit's stake increase, but remained focused on its strategy.
March 16 - UniCredit launched unsolicited bid to increase its stake above 30%. Commerzbank, German government and a key union voiced reservations.
($1 = 0.8982 euros)
(Reporting by Tom Sims, John O'Donnell and Valentina Za; Editing by Alexander Smith)
Commerzbank's major deals include its acquisition of Dresdner Bank in 2008, attempted mergers with Deutsche Bank and ongoing merger discussions with UniCredit.
During the global financial crisis in 2009, Commerzbank received a government bailout in exchange for a 25% stake and a capital injection to stabilize the bank.
US investor Cerberus built a significant stake, called for cost-cutting, demanded board representation, and influenced leadership changes.
UniCredit has repeatedly sought to increase its stake in Commerzbank and made several attempts to initiate merger talks, most recently launching bids to surpass a 30% stake.
Commerzbank's management has generally resisted merger attempts, emphasizing the bank's plans to remain independent and considering other defensive strategies.
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