Commerzbank chair Jens Weidmann has invited UniCredit to open talks on a merger, marking a potential end to the German bank’s fight to remain independent.

After a voluntary share offer period that was widely condemned in Germany ended with Italy’s UniCredit holding 47.59 per cent of the bank, appetite to continue fighting the merger has slowly died down.

On Friday, Weidmann said in a statement that “Even though we would have preferred things to be different, the balance of power at the next Annual General Meeting is clear”. The nearly 48 per cent stake is enough to determine shareholder resolutions.

From UniCredit’s side, its chief executive Andrea Orcel is ready to engage with the German government on concrete conditions and a constructive way forward on strategic issues, a spokesperson said Friday.

On Thursday, Orcel was told by both the German government and worker representatives that he should engage with his Commerzbank counterpart Bettina Orlopp, instead. Orcel’s spokesperson did not clarify if he had now done so, but Bloomberg reported on Thursday that they are expected to have a call after Commerzbank’s earnings day on 6 August.

These remarks are a change in rhetoric for the banks, which have for months blamed each other for a lack of dialogue.

If talks are successful, it would mark the end of a saga that has been ongoing since 2024, when UniCredit first bought a stake in the German lender. Acquisition attempts escalated this year when UniCredit made a €35 billion bid for Commerzbank, which was rejected by management but led to UniCredit acquiring a large number of shares from other investors in the bank.

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