UniCredit has raised its stake in Germany’s second‑largest lender to 47.6 percent after investors holding 17.6 percent of shares accepted a €44 billion all‑share offer. The Italian bank had already owned nearly 30 percent before the bid. The acceptance rate far exceeded expectations for a 4 percent premium offer that was intended to keep Commerzbank above the 30 percent threshold in German takeover law.

The move places Andrea Orcel, UniCredit’s chief executive, close to a controlling position, although 50 percent is required for decisive board influence. Analysts note that a 40‑45 percent voting share—possible when attendance at meetings is rarely full—could give UniCredit de‑facto control. Formal approval from the European Central Bank is still pending, but the process is viewed as a formality.

Berlin, which holds almost 13 percent, and powerful trade unions will need to be appeased, and regulatory hurdles may arise. UniCredit plans to use the months before Commerzbank’s annual shareholder meeting in May to build alliances with German politicians and workers.

Orcel has said the banks could merge fully within 18‑24 months, a timeline that will test integration plans. The current stake shift signals a new chapter for both banks and could reshape capital markets in Germany and Italy.