Commerzbank Pushes Ahead with AI Overhaul as UniCredit Clears Legal Hurdle in Takeover Saga

Frankfurt prosecutors drop market-manipulation case against UniCredit; Commerzbank announces AI deal with Google and Microsoft, shares rise as CEO asserts independence.

Frankfurt prosecutors have thrown out market-manipulation allegations against UniCredit, removing a legal headache from the Italian bank’s protracted pursuit of Commerzbank. The decision came the same week the German lender announced a sweeping artificial intelligence partnership with Google and Microsoft – a deliberate show of strength that underscores management’s determination to chart its own course.

Commerzbank shares rose on the twin developments. The stock gained 0.91% to €37.63 on Thursday, after hitting €37.89 earlier in the session – a 1.61% advance on the day that pushed the equity within 3% of its 52-week high of €38.85 reached on 19 June 2026. With a market capitalisation of roughly €41 billion, the shares now trade 2.21% above their 50-day moving average, while the 12-month gain stands at 25.27%, lifting them 34.01% above the July 2025 trough.

UniCredit’s vote share nears 50% – but independent support is thin

The works council’s criminal complaint had accused UniCredit of market manipulation during its aggressive stake-building. The Frankfurt public prosecutor’s office found no sufficient evidence to pursue the case, effectively handing UniCredit a clear legal path. Following the expiry of a stock-exchange offer on 3 July 2026, the Italian bank now holds around 47.6% of Commerzbank shares and, thanks to the terms of the offer, controls 49.65% of voting rights.

Yet Commerzbank chief executive Bettina Orlopp has pushed back hard against the narrative that UniCredit has won the confidence of outside investors. According to internal analyses, less than 2% of the tendered shares came from truly independent third parties; the vast majority originated from banks and institutions linked to UniCredit itself. In a video address to staff, Orlopp insisted the bank’s defence strategy had not failed and that she continues to act independently. “As long as there is no domination agreement, I operate autonomously,” she said.

Tech gambit signals long-term independence

The AI roll-out is the clearest sign yet that Commerzbank intends to compete on efficiency rather than wait for a buyer. Employees will now use Google Cloud’s Gemini Enterprise app alongside Microsoft 365 Copilot, embedding generative AI into daily workflows across the organisation. Routine data analysis, report generation and other repetitive tasks will be automated, freeing staff for more complex work. The move is designed to drive down operating costs and sharpen the bank’s edge against larger European rivals.

Reaching full control of Commerzbank remains a steep climb for UniCredit. German corporate law requires 75% of votes at a general meeting to push through a merger or domination agreement, a threshold far above the Italian bank’s current holding. The European Central Bank must also formally approve the voting rights before UniCredit can exercise them in full. The German government, which still owns about 12% of Commerzbank, has described the Italian bank’s tactics as unacceptable. Both the ECB and EU competition authorities are reviewing the takeover, with a final decision not expected before 2027.

For now, Commerzbank’s share price trades in neutral territory – the relative strength index sits at 53.8 – while the long-term upward trend remains intact. Orlopp has left the door open to talks, but her message is clear: any deal will have to come on terms that recognise the value of a bank that is busy building its own future.