Commerzbank’s Shares Defy Hostile Bid as Bank Lifts Profit Goal and Alleges Manipulation
11.06.2026 - 07:22:51 | boerse-global.de
Commerzbank is fighting on two fronts. At the operational level, it has just raised its full-year net profit target to at least €3.4bn, up from a previous €3.2bn. At the strategic level, it is battling an unsolicited takeover bid from UniCredit that it believes is being propped up by artificial means. The stock, meanwhile, sits comfortably above the offer’s implied value, sending a clear market verdict.
The profit upgrade came despite a slight softening in the bank’s core earnings engine. Net interest income slipped to €2.047bn in the first quarter, just below the €2.06bn analysts had pencilled in. Management blamed the dip largely on lower base rates at Polish subsidiary mBank, while the German home market held steady. Yet other revenue lines filled the gap. Fee income surged, pushing operating profit 11% higher to €1.358bn. Net income after tax came in at €913m. Encouraged by the momentum, the bank also nudged its net interest income guidance slightly higher.
But the bank’s public relations battle with UniCredit is drawing far more attention. The Italian lender claims its share-exchange offer now has an acceptance rate of nearly 11%. Commerzbank’s management calls that figure a smokescreen. It says that not a single institutional investor has tendered shares, and that retail take-up stands at a negligible 0.05%. Almost all of the accepted paper appears to have come from parties linked to UniCredit itself, the bank alleges.
Should investors sell immediately? Or is it worth buying Commerzbank?
The suspicion of market manipulation centres on a tenfold surge in securities lending since the offer was announced. Commerzbank believes the hiked borrowing is being used to create an illusion of support for the deal. The offer itself – 0.485 UniCredit shares for each Commerzbank share – is worth roughly €2.30 below the current market price. For ordinary shareholders, accepting makes no economic sense. The bank’s board suspects hidden side deals that compensate selected acceptors.
Shares closed at €36.12 on Wednesday, just 5% below their 52-week high and well above the €33.80 200-day moving average. A neutral RSI reading of 49 suggests no clear directional bias. The technical picture remains constructive, but the real catalyst looms on Thursday: the ECB’s rate decision and quarterly macroeconomic projections. A dovish tone could squeeze banks’ margin expectations, directly challenging Commerzbank’s upgraded targets. A steady or hawkish message would bolster the case that its higher profit goal is achievable.
The formal deadline for UniCredit’s offer is 16 June 2026, followed by a likely extension into early July. Commerzbank is pressing the BaFin regulator for clarity on the derivatives activity that has fuelled the share-lending spike. Regulatory hurdles mean UniCredit itself does not expect the acquisition to close before 2027. For now, the German lender is betting that its standalone story – higher earnings, a rising stock, and an offer that doesn’t add up – will eventually force the Italians to improve terms or walk away.
Ad
Commerzbank Stock: New Analysis - 11 June
Fresh Commerzbank information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
