Commerzbank Shares Ride Bank Rally as Works Council Takes UniCredit to Criminal Court
13.06.2026 - 18:34:38 | boerse-global.de
European banking stocks caught a tailwind on Friday, with the sector index surging roughly four percent on hopes of a Middle East peace deal and easing recession fears. Commerzbank was among the best performers in the DAX, closing at €36.76 — a gain of 1.63 percent on the day. The shares have now advanced more than 31 percent over the past twelve months, though they remain about 3.6 percent short of the 52-week peak of €38.15 set on June 1.
Behind the headline price action, however, a far more contentious battle is unfolding. Commerzbank's works council, led by Sascha Uebel, is preparing a criminal complaint against UniCredit for suspected market manipulation under Sections 119 and 120 of the German Securities Trading Act. The allegations center on the Italian lender's takeover tactics: according to the company's employee representatives, roughly 11.22 percent of Commerzbank shares were tendered to UniCredit by June 11 — pushing its calculated stake to about 37 percent — but nearly all of those tenders came from banks with close business ties to UniCredit, not from independent investors. The works council argues this created a false impression that the takeover is a foregone conclusion.
UniCredit firmly rejects the accusations, insisting its conduct is lawful. Yet the regulatory scrutiny is intensifying. Germany's financial watchdog BaFin is already examining the reported ownership stakes. And the case has gained another layer: securities lending involving Commerzbank shares is said to have surged tenfold, with over 98 percent of UniCredit's direct 26.77 percent holding hedged via derivatives. Critics say the structure artificially inflates the appearance of market support for the bid.
Should investors sell immediately? Or is it worth buying Commerzbank?
The timing is tight. The regular acceptance period for UniCredit's takeover offer expires on June 16, though it could be extended to July 3 if legal or regulatory adjustments are made. Market participants expect BaFin to issue a preliminary assessment of the reported holdings in the coming days. The offer price currently sits roughly €1.50 below the market price, yet the tender rate has continued to rise — a dynamic the Commerzbank leadership finds suspicious.
Macro developments are also keeping traders on edge. The European Central Bank raised its key rate by 25 basis points to 2.25 percent, a tailwind for bank margins that helped lift the sector on Friday. Meanwhile, Germany's statistical office confirmed May inflation at 2.6 percent year-on-year (2.7 percent on the harmonized index), with energy prices still a drag. Next week brings fresh data: Eurostat releases eurozone inflation figures on June 17, and the Federal Reserve meets on June 16-17 for a policy decision that includes updated economic projections.
From a technical standpoint, Commerzbank shares sit comfortably above both the 50-day moving average (€35.65) and the 200-day moving average (€33.84). The relative strength index of 54.3 signals no overbought condition, though annualized 30-day volatility of nearly 28 percent warns that swings are baked in. Resistance at the €38.15 record high is the next hurdle — and whether the sector rally holds will likely depend on what central bankers say next week, and how regulators and prosecutors respond to the escalating legal challenge.
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