UniCredit notifies Brussels of bid for sole control of Commerzbank

The European Commission received on 9 October 2026 notification of a proposed concentration under which UniCredit S.p.A. would acquire sole control of the whole of Commerzbank AG, according to the prior notification published in the Official Journal of the European Union on 20 October 2026. The notice, registered as case M.12405 – UNICREDIT / COMMERZBANK, opens a ten-day window for interested third parties to submit their observations. The Commission states that its preliminary examination does not prejudge the final decision on whether the transaction falls within the scope of the EU merger rules.

The filing was made pursuant to Article 4 of Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings, the “Merger Regulation”, adopted on 20 January 2004 and published in OJ L 24 of 29 January 2004. Under the terms described in the notice, UniCredit will acquire sole control of the whole of Commerzbank within the meaning of Article 3(1)(b) of that regulation. The concentration is to be accomplished by way of a public bid announced on 16 March 2026. The notification is published with EEA relevance.

The Commission explains that, on preliminary examination, the notified transaction could fall within the scope of the Merger Regulation, while expressly reserving its final decision on that point. The publication in the C series of the Official Journal is the formal step through which the EU executive opens the transaction to scrutiny by competitors, customers, employees’ representatives and other interested parties before it rules on the case.

The two undertakings concerned

The notice identifies the parties and their activities as follows:

• UniCredit S.p.A., an Italian undertaking, which provides retail, commercial, private banking, investment banking, asset management and insurance services in Italy, in Germany and worldwide.
• Commerzbank AG, a German undertaking, which provides private banking, commercial banking, investment banking, foreign exchange trading, securities trading and asset management, including investment banking services for corporate and institutional clients in Germany and worldwide.

The two groups therefore overlap in several retail, corporate and investment banking activities, in Germany and internationally, according to the description of their business activities set out in the notification.

Ten days to submit observations

The Commission invites interested third parties to send their possible observations on the proposed concentration. Observations must reach the Commission not later than 10 days following the date of publication — a deadline that, counting from the 20 October 2026 issue, falls on 30 October 2026.

Submissions must always specify the following reference:

• M.12405 – UNICREDIT / COMMERZBANK

Observations may be sent by email or by post, using the contact details given in the notice:

• Email: COMP-MERGER-REGISTRY@ec.europa.eu
• Postal address: European Commission, Directorate-General for Competition, Merger Registry, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË.

A test case for European banking consolidation

The transaction brings together two of the largest banking groups in the euro area’s two biggest economies and would place a German commercial bank under the sole control of an Italian institution, a combination that touches retail networks, corporate lending and investment banking at once. The ten-day comment period is the first opportunity for market participants to place on the record their views on the effects of the operation before the Commission decides whether to clear it or open an in-depth investigation. For readers in the financial sector, the notice also sets out in official form the perimeter of the deal — sole control of the whole of Commerzbank through a public bid — which will frame any later assessment of branches, clients and competition in the markets concerned.

Source: Official Journal of the European Union, C series, No C/2026/5439, 20 October 2026, notices (official reference: C/2026/5439).