(Financial Times, Silvia Sciorilli Borrelli, Simon Foy and Florian Müller, April 21, 2026)
German Chancellor Friedrich Merz and Commerzbank have sharply criticized UniCredit, accusing the Italian bank of adopting “hostile” tactics in its €35 billion bid to acquire the Frankfurt group. Andrea Orcel, CEO of UniCredit, presented an industrial plan for Commerzbank yesterday, arguing that the German bank has “systematically underperformed” and that the new plan would raise its net profit to about €5.1 billion by 2028, well above current projections. Orcel added that Commerzbank “risks becoming increasingly unfit for a rapidly evolving banking environment.” Without directly naming UniCredit, Merz rejected this approach despite the EU’s ambitions to encourage cross-border mergers to strengthen the sector’s competitiveness: “Yes, Europe needs big banks, but that does not mean every kind of acquisition is welcome in Germany,” he said, emphasizing that the government rejects “aggressive” methods.
Commerzbank has formally rejected UniCredit’s “ongoing hostile tactics” and “misleading characterizations,” which would undermine fundamental trust in the banking sector and the interests of all stakeholders. The German bank described the proposal as “a speculative attempt to dismantle its successful business model rather than a credible value-creation plan,” and “a restructuring attempt proposed by a direct competitor.” UniCredit is already Commerzbank’s largest shareholder after building a stake in 2024, but it is facing strong German political resistance that makes completing a cross-border merger in Europe difficult.
Orcel suggested that UniCredit might revise the offer after talks with Commerzbank, proposing to focus the business on Germany and Poland and to downsize “fragmented and inefficient” international operations. He described the deal as an “in-market” merger between two complementary banks seeking to unite for 25 years, with greater cost synergies at the pan-European level. Kevin Voss, from the Verdi union and a member of Commerzbank’s supervisory board, instead supported a “strong and independent Commerzbank” that safeguards jobs, rejecting a “race to the bottom” on cost cuts: UniCredit has forecast up to 7,000 job cuts in case of a merger.
Merz and Commerzbank accuse UniCredit of hostile tactics.
“German Chancellor Friedrich Merz and Commerzbank have sharply criticized UniCredit, accusing the Italian bank of adopting “hostile” tactics in its €35 billion bid to acquire the Frankfurt group. […] Merz rejected this approach: “Yes, Europe needs big banks, but that does not mean every kind of acquisition is welcome in Germany.” The government rejects “aggressive” methods.”
UniCredit presents its plan for Commerzbank.
“Andrea Orcel presented an industrial plan arguing that Commerzbank has “systematically underperformed” and that the new plan would raise its net profit to about €5.1 billion by 2028, well above current projections. Orcel added that Commerzbank “risks becoming increasingly unfit for a rapidly evolving banking environment.””
Commerzbank rejects the proposal as speculative.
“Commerzbank has formally rejected UniCredit’s “ongoing hostile tactics” and “misleading characterizations.” It described the proposal as “a speculative attempt to dismantle its successful business model rather than a credible value-creation plan,” and “a restructuring attempt proposed by a direct competitor.””
Orcel defends the cross-border merger.
“Orcel suggested that UniCredit might revise the offer after talks with Commerzbank, proposing to focus the business on Germany and Poland and to downsize “fragmented and inefficient” international operations. He described the deal as an “in-market” merger between two complementary banks seeking to unite for 25 years, with greater cost synergies at the pan-European level.”
The union defends jobs.
“Kevin Voss, from the Verdi union and a member of Commerzbank’s supervisory board, supported a “strong and independent Commerzbank” that safeguards jobs, rejecting a “race to the bottom” on cost cuts. UniCredit has forecast up to 7,000 job cuts in case of a merger.”
(Excerpt from the newsletter by Giuseppe Liturri)
