Commerzbank Chair Jens Weidmann has called for negotiations with UniCredit, signaling a shift toward cooperation after nearly two years of resistance to the Italian bank's takeover efforts. UniCredit is poised to gain near-control of Commerzbank, Germany’s second-largest lender, following a recent share tender offer that closed this month.

Weidmann acknowledged that despite a preference for a different outcome, the balance of power at the upcoming annual general meeting is now clear in favor of UniCredit. He emphasized the need for both parties to reach agreements protecting employees, shareholders, and customers. “Everyone needs to act like adults now,” Weidmann said, stressing the importance of a collaborative approach and that no shortcuts through Berlin would be acceptable.

This conciliatory stance comes as the German government, which holds roughly 13 percent of Commerzbank’s shares, has also moderated its opposition to the takeover. Chancellor Friedrich Merz stated last week that the government is not blocking the merger or acquisition but criticized the takeover bid’s “confrontational” and at times “aggressive” tactics. Merz also noted that while the government has not sold its stake, it must accept that a substantial portion of Commerzbank’s owners have chosen to support the UniCredit offer.

The takeover process began in September 2024 when a government auction unexpectedly sold a 4.5 percent stake to UniCredit, increasing its initial holding to 9 percent. UniCredit currently owns 26.8 percent directly and is expected to increase its overall stake to 47.6 percent once its offer fully concludes. The Italian bank anticipates controlling close to 50 percent of Commerzbank’s voting rights, pending regulatory approval for the share transfers, which could be finalized by the end of the year.

UniCredit’s move to acquire a controlling interest represents a significant development for Commerzbank and the broader European banking sector, reflecting ongoing consolidation trends and cross-border investment activity. While UniCredit’s success marks a strategic expansion into Germany’s banking market, the company and Commerzbank alike face the challenge of navigating regulatory requirements and managing the interests of diverse stakeholders.

The outcome of upcoming talks and regulatory decisions will shape the future governance and operational relationship between the two banks, with attention focusing on maintaining stability for staff, clients, and shareholders during this transitional period.