Commerzbank Stock Breaks Above 38 Euro as UniCredit's Tender Nears Deadline and Works Council Strikes Back

Commerzbank shares rally 39% in 12 months, near 52-week high at €38.33, as UniCredit secures ~40% voting rights amid market manipulation allegations and government opposition.

The legal battle over Commerzbank’s future intensified this week, but it has done little to slow the stock’s momentum. Shares closed Friday at €38.33, just shy of a fresh 52-week high of €38.85 reached a day earlier. Over the past twelve months, the Frankfurt-based lender has surged nearly 39% — a rally that has comfortably outpaced the broader market.

UniCredit’s grip on the bank continues to tighten. The Italian lender’s regular tender offer, which closed on June 16, drew in a little over 12.5% of Commerzbank shares. Combined with previously held stakes and derivative positions, the Milan-based group now controls close to 40% of voting rights. A statutory follow-on acceptance period is under way and will run until July 3, with the final tally expected on July 8.

The works council has fired back with a criminal complaint alleging market manipulation, accusing UniCredit of artificially orchestrating transactions to accelerate the takeover. Management separately flagged “unusual tender behavior” to the BaFin, questioning the economic logic of shareholders accepting an offer below the prevailing market price. UniCredit has rejected the allegations outright.

Berlin remains firmly in the resistance camp. The Federal Ministry of Finance has dismissed the current bid and has officially ruled out selling the government’s remaining stake. The board continues to recommend that shareholders reject the offer, insisting the bank’s standalone strategy is superior.

The stock’s technical picture remains constructive. The first line of support lies around the 50-day moving average of €36.11, while the 200-day average of roughly €34 underscores the extent of the takeover premium already baked into the price. For now, the upward trend appears intact.

The coming weeks will test that resilience. The market is awaiting a possible BaFin statement on the manipulation claims, while institutional investors’ behavior during the extended tender period will determine whether UniCredit can push closer to a controlling stake. If the share price can sustain a breakout above the current 2026 high, the psychologically key €40 mark moves into focus.