---
title: "Commerzbank Chief Repeats Call for Investors to Reject UniCredit's Advances — Update"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/287052406.md"
description: "Commerzbank's CEO Bettina Orlopp urged shareholders to reject UniCredit's takeover bid, calling it vague and financially inappropriate. She emphasized the risks involved and stated that the offer undervalues Commerzbank. The bank's supervisory board chair, Jens Weidmann, echoed these concerns, highlighting potential exposure to nonperforming loans and Italian government bonds. Despite management's stance, some shareholders questioned their approach to UniCredit's advances, suggesting the need for cross-border deals in the European banking sector."
datetime: "2026-05-20T11:00:41.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/287052406.md)
  - [en](https://longbridge.com/en/news/287052406.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/287052406.md)
---

# Commerzbank Chief Repeats Call for Investors to Reject UniCredit's Advances — Update

By Joshua Kirby and Aimee Look

Commerzbank's boss again called on shareholders to reject a takeover attempt by Italy's UniCredit, describing the bid as vague and inappropriate.

"We urge that you do not accept UniCredit's offer," Chief Executive Bettina Orlopp told shareholders at the German bank's annual general meeting Wednesday.

The amount UniCredit is offering for the part of Commerzbank it doesn't own is "not appropriate from a financial perspective," Orlopp said. She said UniCredit's plans are vague, offer no added value and are fraught with significant risks.

UniCredit didn't immediately respond to a request for comment.

Orlopp said management remains open to talks when there is willingness to discuss the points it has made.

The executive's comments follow UniCredit launching a roughly 24 billion-euro ($27.86 billion) takeover offer for the shares it doesn't already own in Commerzbank. The bid would value the German bank around $40 billion in its entirety.

UniCredit recently increased its stake in Commerzbank to around 38.9%. The bank's second-largest shareholder is the German federal government, which stepped in to prop up the bank at the time of the 2008 financial crisis. German officials, as well as trade unions, have been staunch in their opposition to a takeover of Commerzbank.

If shareholders accept the share exchange offer, they would also be exposed to UniCredit's inherent risks, according to the chair of Commerzbank's supervisory board, Jens Weidmann. Shareholders would bear a higher ratio of nonperforming loans, significant business in Russia and increased exposure to Italian government bonds, Weidmann said during Wednesday's meeting.

Orlopp and Weidmann's comments echo previous calls from Commerzbank management to reject UniCredit's lengthy courtship. Earlier this week, the bank's management and supervisory boards said the Italians' bid undervalued it, with no adequate premium to its current share price. Commerzbank said the suitor also lacked a credible plan for a combination.

Still, some shareholders at the meeting questioned management's handling of UniCredit's advances.

The European banking sector must look to cross-border deals if it is to stay competitive internationally, said Hendrik Schmidt, representing asset manager and Commerzbank investor DWS.

Write to Aimee Look at aimee.look@wsj.com Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

May 20, 2026 06:42 ET (10:42 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

### Related Stocks

- [CBK.DE](https://longbridge.com/en/quote/CBK.DE.md)

## Related News & Research

- [UniCredit CEO says taking control of Commerzbank ‘not the expected scenario’](https://longbridge.com/en/news/285166641.md)
- [What UniCredit's $28B Commerzbank bid mean for European banking?](https://longbridge.com/en/news/285168366.md)
- [Key facts: Commerzbank rejects UniCredit bid; Italy opposes HQ shift](https://longbridge.com/en/news/283750942.md)
- [Key facts: Commerzbank rejects UniCredit bid; UniCredit to redeem €1bn](https://longbridge.com/en/news/283584387.md)
- [UniCredit CEO Downplays Prospects of Full Control Over Commerzbank Amid Tender Offer](https://longbridge.com/en/news/285184765.md)