UniCredit Reaches 49.65% Voting Rights in Commerzbank, Likely Triggering ECB Control Ruling

UniCredit's tender offer for Commerzbank closed on 8 July 2026 with 47.59% of shares—equivalent to 49.65% of voting rights after excluding non-voting treasury shares. The stake falls short of a simple majority but likely crosses the ECB's consolidation threshold. CEO Andrea Orcel signaled the regulator will probably rule UniCredit exercises control, triggering group-wide supervision. German government opposition to integration plans remains the key political friction point.