UniCredit's €35B Commerzbank bid sparks market turmoil and political backlash
UniCredit's surprise takeover bid for Commerzbank shook German markets on Monday. The €35 billion offer pushed Commerzbank's shares up by nearly 10%, lifting the broader market despite lingering concerns over rising oil prices.
UniCredit formally submitted a voluntary public offer for all outstanding Commerzbank shares. The deal values each share at €30.80, based on a ratio of 0.485 new UniCredit shares per Commerzbank share. Analysts see the move as a tactical push by UniCredit CEO Andrea Orcel to force Commerzbank CEO Bettina Orlopp into negotiations.
The bid has faced immediate resistance. The German government, which holds a 12% stake, has repeatedly rejected any sale since the plans first emerged in September 2024. Bundeskanzler Friedrich Merz stressed the need for a 'strong and independent Commerzbank,' and the government reacted angrily to the official offer announced on March 16, 2026. The Verdi union and Commerzbank's works council have also condemned the takeover attempt. Market reactions were mixed. While Commerzbank's stock surged, the DAX remained below its 50-day moving average, trading around 4.5% off its recent high. Critical support for the index now sits near 22,900 points, with its next moves hinging on political and corporate responses. Meanwhile, oil prices continued to pressure cyclical stocks and the travel sector, dragging down Lufthansa, TUI, and Beiersdorf. Bayer and Siemens Energy, however, posted gains on positive news of their own.
The DAX's short-term trend now depends on how Commerzbank and German authorities respond to UniCredit's bid. With strong opposition from the government and unions, the deal's success remains uncertain. The market's focus will stay on political statements and corporate decisions in the coming days.
