Overview
- Frankfurt prosecutors reviewed a complaint from Commerzbank’s works council and decided there was insufficient evidence to open a criminal investigation into UniCredit’s takeover conduct.
- UniCredit says it now controls roughly 49.65% of Commerzbank voting rights after additional acceptances it reported during the offer period.
- Commerzbank’s management and the German federal government, which is the bank’s second-largest shareholder, continue to oppose the hostile bid.
- Commerzbank employees had alleged UniCredit used related entities to inflate acceptance figures; UniCredit rejects malpractice claims and prosecutors found no criminal signals in their review.
- With the criminal route closed, the outcome will turn on remaining independent shareholder take-up, regulator clearances and political pressure, a process that will determine the future of Commerzbank’s role for German small and medium-sized firms and European banking consolidation.