Our position on UniCredit’s offer

Our Assessment of the Final Acceptance Rate

UniCredit announced on 8 July 2026 that a total of 17.6% of Commerzbank shares had been tendered by the end of the additional acceptance period on 3 July 2026. The transfer of tendered shares and the associated voting rights to UniCredit remains subject to the required regulatory approvals.

Based on information on the shareholder structure that Commerzbank continuously collects as issuer from custodian banks, the total number of shares tendered by institutional and retail investors amounts to less than 2%. The low acceptance rate among independent shareholders is clear evidence that the offer lacked appeal. The tendered shares originate predominantly from banks and parties connected to UniCredit.

Shares held directly by UniCredit, reported derivatives, and tendered shares should not be interpreted as an aggregated total position. Furthermore, it remains unclear to what extent borrowed shares were tendered and what hedging arrangements were entered into in this context.

Our Path Forward

With our “Momentum 2030” strategy, we are consistently pursuing growth and transformation and creating reliable value. Since the implementation of the Momentum strategy in February 2025 alone, the share price has doubled and the 2025 financial year has developed into a record year in Commerzbank’s 156-year history.

Commerzbank remains open to a constructive dialogue with UniCredit.

Tens of thousands of corporates and more than ten million people in Germany place their trust in Commerzbank and its staff. They want a bank as a financial partner that has their best interests at heart. That is why, in recent days, many experts have spoken out in favor of an independent Commerzbank.