New letter to all shareholders of Commerzbank
Bettina Orlopp once again underlined Commerzbank’s position in another letter to the shareholders on 26 June 2026 (convenience translation)
Frankfurt a. M., 26 June 2026
Your trust is paying off – Your Commerzbank share is worth more.
Dear Shareholders,
The regular acceptance period for the public takeover offer by UniCredit S.p.A. ended on 16 June 2026. The additional acceptance period runs from 20 June to 3 July 2026. Our recommendation remains unchanged: do not accept UniCredit's offer and stay invested in Commerzbank.
The acceptance rate among our shareholders so far speaks for itself: By the end of the regular acceptance period, Commerzbank's free-float investors – more than 500,000 retail shareholders and several hundred institutional investors – had tendered only just over 1% of the shares. In addition, the German government – our second-largest shareholder – has publicly confirmed that it will not transfer its stake to UniCredit, on the grounds that neither the price offered nor UniCredit's conduct is adequate. The large majority of the remaining shares tendered comes from banks and parties connected to UniCredit as derivative counterparties.
No adequate premium, no credible plan, no common ground
UniCredit's offer continues to provide no adequate premium for your Commerzbank shares. The average target price set by independent analysts is significantly above both the implied offer price and our current share price – speaking for the value potential of your share. To this day, UniCredit has not put forward a credible plan that builds on the strengths of Commerzbank's business model.
Your Commerzbank is strong – and 2026 will prove it
You are a shareholder in the largest financing partner to Germany's Mittelstand. In that role, we bear responsibility for our clients and the German economy as a whole – and we take it seriously. We have had a very successful start to 2026: with our "Momentum 2030" strategy, we continue to grow profitably and create value reliably. On 6 August 2026, we will present our results for the second quarter – and we are confident they will give you further proof of our company's operational strength. Those who stay invested participate in this value-creation potential.
If you wish to follow our recommendation, no action is required on your part.
We sincerely thank you for your trust in Commerzbank.
Bettina Orlopp
Chief Executive Officer
