Commerzbank unveiled a share buyback programme of up to €1 billion on 24 September 2025. The announcement came at a moment when Italy's UniCredit held approximately 26% of Commerzbank's share capital.
UNICREDIT'S POSITION
UniCredit has not tabled a formal acquisition offer. Commerzbank had already flagged the buyback with its second-quarter results in August.
Because repurchased shares are cancelled, the buyback also mechanically increases UniCredit's percentage holding, bringing it closer to the 30% threshold that would trigger a mandatory takeover offer.
POLITICAL CONTEXT
Trade unions, regional politicians, and some federal officials have expressed discomfort at the prospect of a major German bank passing into foreign ownership, citing concerns about job security, access to credit for German businesses, and the concentration of banking decision-making outside Germany.
Commerzbank presented the buyback as a return of excess capital to shareholders, and CFO Carsten Schmitt said the bank plans to keep increasing capital returns through 2028. The programme was set to begin on 25 September 2025 and run until 10 February 2026, after approval from the ECB and Germany's Finance Agency.