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The Guardian - UK
The Guardian - UK
Business
Alex Daniel

European takeover battle hots up with UniCredit’s ‘unfriendly attack’ on Commerzbank

Commerzbank UniCredit Milan
a Commerzbank bank sign in Frankfurt, Germany
The German government is keen to retain Commerzbank’s independence, being a strong lender to small and medium-sized firms. Photograph: Michael Probst/AP

Two European banking powerhouses have become embroiled in a €35bn (£30bn) takeover battle after Italy’s UniCredit stepped up its long-running pursuit of German lender Commerzbank, despite strong opposition from the German government.

UniCredit first took a stake of 9% in Commerzbank in September 2024 and has since built up its holding to just under 30%. It said on Monday it was pushing to increase that holding further and push the rival lender into formal merger talks.

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