Commerzbank Trades Near Record High as Orcel Sets Sights on January Boardroom Coup
Published on 09/29/2026 at 12:10 | Editorial boerse-global.de
Commerzbank shares changed hands at 42.67 euros on Thursday, a modest 0.4% advance that leaves the Frankfurt lender sitting roughly 1.5% below its 52-week peak. The muted move masks a far more turbulent battle unfolding behind the scenes, where Italian suitor UniCredit is accelerating a plan to seize control of the German bank's supervisory board.
According to a Financial Times report, UniCredit chief executive Andrea Orcel intends to call an extraordinary general meeting once outstanding regulatory approvals are in hand, with the aim of replacing all ten shareholder representatives on Commerzbank's supervisory board. The Italian group's base case targets control by the end of February, though a smoother-than-expected approval process could see the takeover completed as early as January.
Neither bank would comment on the report, and Reuters said it could not independently verify the details.
A Leadership Clash Years in the Making
The boardroom maneuver sharpens a conflict that has been building since mid-September, when Reuters first reported that Orcel was pushing for the removal of Commerzbank CEO Bettina Orlopp and supervisory board chairman Jens Weidmann. Commerzbank rejected those demands outright, pointing to its executives' existing contracts.
Should investors sell immediately? Or is it worth buying Commerzbank?
Political friction is adding another layer. Manager Magazin reported in September that Berlin is claiming two seats on the supervisory board — a request UniCredit has turned down.
Orlopp's Countermove: Buying HVB With Paper
Rather than wait passively, Commerzbank's management has floated a strategic alternative of its own. On Thursday, Orlopp raised the possibility of acquiring UniCredit's German subsidiary, HypoVereinsbank, funded through the issuance of new Commerzbank shares. The proposal inverts the logic of UniCredit's approach: instead of Frankfurt being absorbed into the Milan-based group, the German lender would consolidate its position at home. It is a bid to offer shareholders a more palatable integration story while keeping the initiative in Frankfurt.
Financial Targets Reaffirmed
Running alongside the takeover drama, Commerzbank is leaning on its standalone earnings power. Speaking at an industry conference on Thursday, Orlopp reiterated the bank's guidance for full-year 2026, according to media reports. Management continues to project net interest income of 8.6 billion euros and a net profit of 3.4 billion euros, with risk provisions for the current year unchanged at 850 million euros.
Those figures are intended to demonstrate that Commerzbank can grow profitably and create value on its own — without needing a merger led from Milan.
Investors now face a waiting game. The shares closed Wednesday at 42.50 euros, 1.9% below their 52-week high of 43.34 euros, a level that already bakes in a takeover premium. Whether the bank's independent earnings plan proves convincing enough to keep shareholders on board will become clearer in the months ahead.
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