Timeline: Germany's Commerzbank holds independence line in UniCredit bid battle

Allianz SE

08/05/2026 07:27

Updates with new entries and graphics

By Tom Sims

FRANKFURT, May 8 (Reuters) - Commerzbank CBKG.DE on Friday pledged to reduce costs by cutting staff and upgraded its financial targets, as it seeks to fend off UniCredit's CRDI.MI takeover attempt.

Like some other banks, Commerzbank CBKG.DE has had a rocky history with big mergers and acquisitions over the years.

These are some of the key moments:

1870 to 1970s

Founded in Hamburg and later moved to Berlin. Relocated to Frankfurt in 1970 as one of Germany's leading banks, focusing on retail and corporate customers.

1970s

Expands to New York, London and other European capitals.

2008

Agrees to buy Dresdner Bank, one of Germany's biggest banks, from insurer Allianz ALVG.DE in a $14.5 billion deal.

Commerzbank is the first commercial bank to turn to German government for capital during the global financial crisis.

2009

German bailout takes a 25% plus one share Commerzbank stake in return for an extra 10 billion euro capital injection.

2016

Commerzbank embarks on a multi-year restructuring.

2017

U.S. investor Cerberus builds a stake controlling 5% of Commerzbank voting rights. UniCredit tells Berlin it is interested in eventually merging with Commerzbank, Reuters reports, to create one of Europe's biggest banks.

2018

Commerzbank drops out of the blue-chip DAX index.

2019

Cerberus says it is open to a merger between Deutsche Bank and Commerzbank. The two institutions hold talks, but call them off weeks later.

UniCredit engages investment bankers to advise it on a potential bid for Commerzbank, whose supervisory board approves cutting thousands of staff and closing a fifth of its branches.

2020

In a U-turn, Commerzbank says it would not sell Polish subsidiary mBank, citing poor market conditions.

Commerzbank chairman and CEO step down, bowing to Cerberus demands.

2021

New CEO Manfred Knof wants to cut 10,000 jobs and close hundreds of branches as part of a revamp. Knof says Commerzbank is working to remain independent.

2022-2023

UniCredit CEO Andrea Orcel approaches Knof about a deal in early 2022, before the Ukraine war, Reuters reports. Meanwhile, Commerzbank returns to profit and rejoins DAX.

2024

September 11 - UniCredit approaches Commerzbank about exploring merger talks, according to a person with knowledge of the matter, after the Italian bank bought a 9% stake. Commerzbank's management discusses how to keep it independent.

September 13 - German government officials and UniCredit bankers hold talks, Reuters reports.

September 16 - Knof snubs UniCredit's overtures, saying he had his own plans and hopes bank can remain independent.

September 20 - Germany says it would not sell any more shares in Commerzbank for now.

September 23 - German Chancellor Olaf Scholz calls UniCredit's move to acquire a possible 21% stake "an unfriendly attack".

September 24 - Commerzbank says Bettina Orlopp is to become CEO.

October 1 - Orlopp, on her first day as CEO, tells staff she wants Commerzbank to remain independent.

December 18 - UniCredit announces an increase in its stake through derivatives to around 28%.

2025

January 31 - Commerzbank posts a 20% increase in net profit in 2024, in an earnings report published nearly two weeks ahead of schedule.

February 13 - Commerzbank plans to axe 3,900 mostly local jobs to help it deliver more ambitious profit targets.

March 14 - Commerzbank takes note of ECB approval of UniCredit's stake rise, but remains focused on its strategy.

2026

March 16 - UniCredit launches unsolicited bid to raise its stake above 30%. Commerzbank, German government and a key union voice reservations.

April 7 - Short-lived talks between the banks fall apart.

May 5 - UniCredit formally launches bid.

May 8 - Commerzbank updates its strategy with earnings.

UniCredit vs. Commerzbank https://www.reuters.com/graphics/COMMERZBANK-UNICREDIT/akpeyrjrgpr/chart.png

Commerzbank shares https://www.reuters.com/graphics/COMMERZBANK-UNICREDIT/xmvjyxqdepr/chart.png

Stake buildup https://www.reuters.com/graphics/COMMERZBANK-UNICREDIT/zjpqmgjarpx/chart.png

Key dates https://www.reuters.com/graphics/COMMERZBANK-UNICREDIT/zgpolebyjvd/chart.png

 (Reporting by Tom Sims, John O'Donnell and Valentina Za; Editing by Alexander Smith and Tomasz Janowski)

 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))