Commerzbank: Orlopp sees UniCredit far from 75% majority

Orlopp pointed out that UniCredit is still some way off a qualified shareholders' meeting majority, namely 75 percent: «Und von einer qualifizierten Hauptversammlungsmehrheit, nämlich 75 Prozent, ist Unicredit noch ein Stück weit entfernt.» As long as there is no domination agreement, no merger, no squeeze-out, she must act independently, because there are minority shareholders that she must protect.

Orlopp: Added value only through integration

At the same time, the Commerzbank chief emphasized the economic strength of her own institution: «Wir haben ein Rekordjahr 2025 hinter uns, sehr ambitionierte Ziele für 2026 und die Folgejahre.» Added value only comes through integration and synergies. To achieve this, she absolutely needs a sensible agreement on the business model, the support of management, the supervisory board, employee representatives, and also from the second-largest shareholder, the federal government.

The federal government, as a major shareholder, had described UniCredit's approach as „inakzeptabel". Orlopp stressed that nothing changes in the short term anyway, because the voting rights would only effectively be available once approval from the European Central Bank is granted. The Commerzbank chief does not consider her defense strategy against the takeover to have failed.

Federal government as major shareholder criticizes approach

Looking back at the share price performance so far, Orlopp offered a critical self-assessment: «Als wir im September 2024 gestartet sind, war der Aktienkurs noch nicht da, wo er sein sollte.» The Commerzbank share has, however, risen significantly since the start of the defense strategy, which observers also attribute to the reaction to the UniCredit offer.

UniCredit, meanwhile, signaled its willingness to talk. The Italians stressed that they were interested in constructive talks with all stakeholders. UniCredit remains committed to working «konstruktiv» with all relevant stakeholders while also advancing the necessary regulatory and supervisory processes.

Analyst reactions

The Italians' takeover offer was accepted for 17.6 percent of Commerzbank shares by the expiration date on July 3, as UniCredit announced on Wednesday (7/8). The federal government, as the second-largest shareholder, continues to hold a significant remaining stake in the Frankfurt-based bank.

On the stock market, Commerzbank was recently viewed positively. Deutsche Bank AG rated the stock «Buy» on May 12, 2026, and Barclays Capital rated it «Overweight» on May 29, 2026. Speculative investors can participate disproportionately in price movements via knock-out products with leverage between 2 and 20.

Looking at the next steps, Orlopp indicated that without ECB approval, no de facto takeover control is possible for the time being. Only after approval from the central bank would the voting rights acquired through the offer actually become usable – a circumstance that reduces the time pressure on both sides and is likely to shape the ongoing talks between Frankfurt, Milan, and Berlin.