Following the conversion of derivatives into shares, UniCredit will become the largest shareholder in Commerzbank. After receiving all necessary approvals from the relevant regulatory authorities, the bank has converted around 10 percent of its «synthetic position» as a first step. As a result, the shares and voting rights are now directly held by UniCredit, according to a statement released Tuesday evening.

ECB Gave the Green Light

UniCredit now holds around 20 percent of the effective voting rights. The remaining derivatives are also expected to be converted, which would raise its stake to approximately 29 percent.

The move was approved by the European Central Bank, German antitrust authorities, and the U.S. Federal Reserve.

Under CEO Andrea Orcel, UniCredit took advantage of the partial exit of the German state from Commerzbank in September 2024, securing a 4,5 percent stake. This was later increased to 9,5 percent through additional market purchases, and approximately 18,5 percent was controlled via financial instruments.

Takeover Faces Political Resistance

A potential takeover faces opposition from both the former and current German governments. Orcel has stated he might wait until 2027 before deciding on a full takeover bid.

No Impact on Commerzbank Strategy

Commerzbank emphasized in a statement to Bloomberg that the change in UniCredit’s stake would not affect the bank’s plans. «The adjustment of UniCredit’s position has no impact on our strategic direction or ambitions,» the bank said.

Commerzbank’s share price has risen by around 90 percent this year.