UniCredit has formally escalated its hostile takeover bid for Commerzbank by filing a complaint with German financial regulator BaFin, alleging that Commerzbank made statements designed to undermine the offer. Near the bid deadline, UniCredit also publicly threatened to replace Commerzbank's supervisory board and executive management, and directed warnings at the German government, which holds a residual stake in the bank.
Hostile takeover battles in European banking are rare and tend to create sustained volatility in the target's shares as deal probability shifts. Commerzbank's stock is directly in play — a successful bid would likely require a premium to current market prices, but regulatory and political resistance from Berlin adds meaningful deal-break risk. UniCredit's own shares face execution risk and potential capital deployment concerns if the bid drags on.
BaFin response to UniCredit's complaint (no fixed date, likely within weeks). Commerzbank board's formal response to the takeover threat. German government (Federal Finance Ministry) statement on its position as a shareholder.
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