UniCredit’s €39 Billion Takeover Offer for Commerzbank Formally Rejected by Commerzbank

May 18, 2026

Germany’s Commerzbank has formally rejected a €39 billion takeover offer from Italy’s UniCredit. The supervisory and management boards recommended shareholders not accept UniCredit’s exchange offer, arguing it undervalues Commerzbank and involves significant risks, amid UniCredit’s stake increase to nearly 30%.

Buyers
UniCredit
Targets
Commerzbank
Location
Germany
Transaction Type
Buyout

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