Italian bank UniCredit makes bid for Germany's Commerzbank

While stressing that it did not expect to take full control, UniCredit said it would raise its stake in Germany's second-biggest bank to more than 30 percent, triggering a mandatory takeover offer under German law. It marks a sharp escalation in a saga which has sparked uproar in Germany, with Chancellor Friedrich Merz labelling UniCredit's advances "unacceptable" and Commerzbank vowing to defend its independence. UniCredit boss Andrea Orcel said the drama, which began in 2024 when the Italian...