Business · Companies · 7 hrs ago
UniCredit plans to take control of Commerzbank and speed up HVB merger
Italy’s UniCredit has secured nearly half of Commerzbank’s shares and expects the remaining approvals to arrive by the end of November.
UniCredit expects to take control of Commerzbank in early 2027, though one account says it could happen before the end of this year.
After gaining control, UniCredit chief Andrea Orcel plans to call an extraordinary Commerzbank shareholder meeting to appoint new supervisory board members.
The bank is aiming to begin its Commerzbank strategy in the first quarter of 2027.
UniCredit also says it may merge Commerzbank with its German subsidiary, HypoVereinsbank, sooner than the post-2028 timing Orcel previously suggested.
The merger could create additional value, while UniCredit says the changes will involve costs and investment that could mean lower dividends for Commerzbank shareholders in the near term.
The next steps depend on the outstanding approvals and the timing of the shareholder meeting.
UniCredit plans to take control of Commerzbank in early 2027.
The Italian bank expects the final approvals to increase its stake to nearly 50% by the end of November 2026.
It plans to call an extraordinary shareholders’ meeting to elect new supervisory board members.
UniCredit also wants to bring forward a possible merger of Commerzbank with its German subsidiary, HypoVereinsbank.
Commerzbank shareholders may face lower dividends as UniCredit’s strategy involves provisions, costs and investment.
- Who
- UniCredit plans to take control of Commerzbank.
- What
- It plans to take control and bring forward a possible merger with its German subsidiary, HypoVereinsbank.
- When
- Early 2027; Spiegel reports that control is expected in the first quarter.
- Where
- Germany. Commerzbank is based in Frankfurt.
- Why
- UniCredit says combining the banks could deliver significant synergies.
This story does not have two clearly opposing sides.
UniCredit CEO Andrea Orcel said a merger of Commerzbank and HVB would take place after 2028.
UniCredit secured control over nearly half of Commerzbank’s shares through a takeover offer.
UniCredit expects to receive the remaining approvals to raise its stake to nearly 50%.
UniCredit plans to take control of Commerzbank and begin implementing its Unlocked strategy.
- Planned control
- Early 2027
- Expected stake after approvals
- Nearly 50%
- Expected approval deadline
- End of November 2026
- Potential combined ownership after HVB contribution
- Around 70%, according to analysts cited by Handelsblatt
- German subsidiary
- HypoVereinsbank (HVB)
8 sources
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What people are saying
This will enable further significant synergies.
The next steps are clear.