Commerzbank Floats HVB Buy as Orlopp Keeps UniCredit Talking
Published on 09/26/2026 at 07:22 | Editorial boerse-global.de
Bettina Orlopp has signalled that Germany's second-largest listed lender is ready to talk, not fight. More than a month after UniCredit's takeover approach landed on the table, the Commerzbank chief executive used an interview with the Swiss publication Finanz und Wirtschaft to argue that the Frankfurt bank must deliver more value to its own shareholders — and to confirm she intends to keep the group's Swiss business.
Her conciliatory tone marks a shift from the defensive posture Commerzbank adopted during the early stages of the standoff. In Orlopp's telling, a constructive exchange with the Italian majority investor remains the surest route to a lasting settlement, provided both sides share an understanding of the business model and every stakeholder group gets a hearing.
A Fourth Path Emerges in Frankfurt
Behind the diplomacy, the strategic menu has widened. Reuters reports that Commerzbank is weighing an equity-financed purchase of Hypovereinsbank, UniCredit's German subsidiary, with talks between the two institutions already under way. Such a move would redraw the board in a contest that has run for more than two years.
UniCredit cemented its position in July 2026, securing 47.59% of Commerzbank's shares along with access to 49.65% of voting rights. Buying the HVB is one of three structural options now circulating, alongside a direct merger of the two groups and a conventional follow-up offer to free Commerzbank shareholders — the last of which would likely need a premium to push the Italian stake past the 90% threshold.
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Berlin has already staked out its boundaries. The German government wants the Frankfurt headquarters, an independent stock exchange listing and credit supply to the domestic mid-sized corporate sector preserved for the long term. A German-level combination that folds in the HVB could satisfy those conditions.
Orlopp laid out the various scenarios in London, according to media reports, weighing a merger, a fresh bid followed by a squeeze-out, or a swap of the HVB for Commerzbank stock. The options give the Frankfurt leadership room to respond to persistent pressure from Milan without surrendering its own freedom of manoeuvre.
Buybacks Tighten the Register
Management is also working the capital side of the equation. Under its 2026/II programme, the bank bought back exactly 1,976,889 of its own shares between 14 and 18 September, spending EUR 82,997,807 in the process. Cancelling those shares spreads future earnings across a smaller base, a mechanism that supports the per-share value and signals balance sheet strength during a turbulent stretch.
The stock closed Friday at EUR 42.39, a gain of 1.9% on the day, leaving it roughly 2.2% below its 52-week high of EUR 43.34. The advance came alongside a broader recovery in European banking shares, helped by de-escalation signals from the Middle East.
Q3 Numbers Set for 5 November
Attention now turns to the earnings power that underpins the standalone case. Commerzbank will publish third-quarter results on 5 November 2026, giving investors a read on how resilient the core business has been while takeover talks grind on. Until that report lands, the debate over the group's strategic direction is likely to keep driving the share price.
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