Our position on UniCredit’s offer

On 5 May 2026, UniCredit published the offer document as part of its unsolicited public takeover offer for all shares of Commerzbank. The Board of Managing Directors and Supervisory Board of Commerzbank have carefully reviewed the offer together with independent financial and legal advisors, acting in the best interest of the company, its shareholders, employees and customers, and have published their reasoned statement pursuant to Section 27 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz, WpÜG).

The conclusion: the offer provides neither an adequate premium nor a credible plan for a combination. It does not reflect the fundamental value, the potential, or the strategic importance of Commerzbank. The Board of Managing Directors and Supervisory Board recommend that Commerzbank shareholders do not accept the offer.

On 8 May 2026, Commerzbank presented its first quarter results and its updated “Momentum 2030” strategy. Commerzbank creates value on a stand-alone basis – with a clear plan, proven momentum, and low implementation risk.

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.