Criminal Complaint Against UniCredit Heats Up Commerzbank Takeover Drama as Stock Hovers Near Peak

Commerzbank works council files criminal complaint against UniCredit for alleged market manipulation, as tender acceptance remains low despite claims of 42.5% stake.

The takeover battle for Commerzbank has taken a legal turn. The bank’s works council has filed a criminal complaint against UniCredit, alleging market manipulation and misleading conduct in the Italian lender’s tender offer. The move comes as the first acceptance window closed with a result that has drawn sharp scrutiny from Commerzbank’s management.

UniCredit managed to secure only 12.51% of Commerzbank shares during the initial tender period ending June 16, representing roughly 141 million shares. Including directly held stakes and derivative positions, the Milan-based bank’s total reach stands at about 42.5% of the German lender’s equity. But Commerzbank’s board questions the validity of that figure, noting that internal analysis found no substantial tender activity from institutional investors. The suspicion is that a significant portion of the shares came from UniCredit’s own orbit.

Commerzbank’s leadership has stuck firmly to its rejection recommendation, arguing that the offer lacks both a meaningful premium and a convincing integration plan. The bank’s stance is backed by a strong operational performance. The first quarter of 2026 delivered a record profit, prompting management to raise the full-year target. Commerzbank now expects net income of at least €3.4 billion for 2026, with a long-term goal of hitting a 21% return on equity by 2030. Around €600 million is being poured into artificial intelligence initiatives to sharpen cost efficiency.

The market has largely shrugged off the legal drama. Commerzbank shares closed at €38.33 on Friday, just 1.34% below the 52-week high of €38.85 reached on June 19. Over the past week, the stock advanced more than 4%, while the twelve-month gain stands at nearly 39%. The equity is trading comfortably above its 50-day moving average of €36.11, underlining a well-established uptrend.

With no company-specific news on the immediate horizon, external factors are taking the driver’s seat. This week brings preliminary purchasing managers’ indices for Germany and the eurozone from S&P Global, followed by the ifo business climate index. These indicators will offer clues on economic momentum and, by extension, future loan demand. The interest rate backdrop is also shifting: the European Central Bank recently lifted its key rate by 25 basis points, pushing the deposit facility to 2.25%. Higher rates support bank margins but risk choking growth and triggering credit losses.

From a chart perspective, the resistance at €38.85 is the next logical target if the stock can hold its elevated level. A break above that threshold would open the path to fresh all-time highs. On the downside, the €36 mark serves as the first line of support, followed by the 50-day average. Weak macro data could trigger profit-taking, but the takeover premium embedded in the share price is providing a floor.

The extended tender deadline now runs until July 3, with final results expected around July 8. If acceptance remains thin, UniCredit’s bid could come under serious pressure, and the legal battle may drag the process out even further. For now, Commerzbank shareholders are enjoying the best of both worlds: a stock near its peak and a takeover saga that limits downside risk.