By Tom Sims FRANKFURT, March 16 (Reuters) - Italy's UniCredit launched an offer to raise its Commerzbank stake above 30% on Monday, in a bid to end an 18-month stalemate and get its German rival to
Key Milestones in Commerzbank’s Bumpy History with Major Mergers and Acquisitions
Timeline of Commerzbank’s Major Mergers, Acquisitions, and Strategic Events
By Tom Sims
FRANKFURT, March 16 (Reuters) - Italy's UniCredit launched an offer to raise its Commerzbank stake above 30% on Monday, in a bid to end an 18-month stalemate and get its German rival to enter merger talks.
Like some other banks, Commerzbank has had a rocky history with big mergers and acquisitions over the years.
These are some of the key moments:
Early Foundations and Expansion (1870-1970s)
1870-1970s: Founding and Relocations
Founded in Hamburg and later moved to Berlin. Relocated to Frankfurt in 1970 as one of Germany's leading banks, focusing on retail and corporate customers.
1970s: International Expansion
Expands to New York, London and other European capitals.
The Global Financial Crisis and Aftermath (2008-2013)
2008: Dresdner Bank Acquisition
Agrees to buy Dresdner Bank, one of Germany's biggest banks, from insurer Allianz in a $14.5 billion deal.
Government Intervention
Commerzbank is Germany's first commercial bank to turn to the government for capital during the global financial crisis.
2009: Government Bailout
In a bailout, Germany takes 25% plus one share stake in Commerzbank in return for an additional 10 billion euro ($11.13 billion) capital injection.
2011-2013: European Debt Crisis
European debt crisis continues.
Restructuring and Stake Building (2016-2018)
2016: Multi-year Restructuring
Commerzbank embarks on a multi-year restructuring.
2017: Cerberus and Merger Interest
U.S. investor Cerberus builds a stake controlling 5% of Commerzbank voting rights.
UniCredit tells Berlin it is interested in eventually merging with Commerzbank, Reuters reports, to create one of Europe's biggest banks.
BNP Paribas' then Chairman Jean Lemierre dampened rumours that it was interested in a Commerzbank tie-up.
2018: DAX Exit
Commerzbank drops out of blue-chip DAX index.
Merger Talks and Strategic Shifts (2019-2021)
2019: Deutsche Bank Talks and UniCredit Interest
Cerberus says open to a merger between Germany's two biggest lenders. Deutsche Bank and Commerzbank hold merger talks, but call them off weeks later.
UniCredit engages investment bankers to advise it on a potential bid for Commerzbank, whose supervisory board approves plans to cut thousands of staff and close a fifth of its branches after the failed Deutsche Bank deal.
2020: Strategic U-turns and Leadership Changes
In U-turn, Commerzbank says it would not sell Polish subsidiary mBank, citing poor market conditions.
Cerberus calls on Commerzbank to appoint two of its nominees to supervisory board, cut costs and adopt new strategy.
Commerzbank chairman and chief executive step down, bowing to Cerberus demands.
2021: New CEO and Independence Focus
Commerzbank's new CEO Manfred Knof wants to cut 10,000 jobs and close hundreds of branches as part of a revamp.
Knof says Commerzbank is working to remain independent.
Renewed Merger Overtures and Recent Developments (2022-2026)
2022-2023: UniCredit Approaches and DAX Return
UniCredit CEO Andrea Orcel approaches Knof about potential deal in early 2022, before Ukraine war, people with knowledge of the matter told Reuters.
Meanwhile, Commerzbank returns to profit and rejoins DAX.
2024: Merger Talks Intensify
September 11
September 11 - UniCredit approaches Commerzbank about exploring merger talks, a source with knowledge of the matter said, after the bank bought a 9% stake. Commerzbank's management discusses how to keep it independent.
September 13
September 13 - German government officials and UniCredit bankers hold talks, Reuters reports.
September 16
September 16 - Knof snubs UniCredit's overtures, saying he had his own plans and hopes bank can remain independent.
September 20
September 20 - Germany says it would not sell any more shares in Commerzbank for now.
September 23
September 23 - German Chancellor Olaf Scholz calls UniCredit's move to acquire a possible 21% stake in Commerzbank "an unfriendly attack".
September 24
September 24 - Orlopp to take over as CEO, bank announces.
October 1
October 1 - Orlopp, on first day as CEO, tells staff she wants Commerzbank to remain independent.
November 12
November 12 - Commerzbank considering buying mid-sized German bank as part of defence strategy, people tell Reuters.
November 25
November 25 - UniCredit launches bid for domestic peer Banco BPM, which Orcel said would take precedence over any potential Commerzbank move.
December 18
December 18 - UniCredit announces increase in its stake in Commerzbank via derivatives to around 28%.
2025: Profit Growth and Job Cuts
January 31
January 31 - Commerzbank posts 20% increase in net profit in 2024, announcing earnings nearly two weeks ahead of schedule.
February 13
February 13 - Commerzbank said planned to axe 3,900 mostly local jobs to help it deliver more ambitious profit targets.
March 14
March 14 - Commerzbank said it had taken note of the European Central Bank's approval of UniCredit's stake increase, but remained focused on its strategy.
2026: UniCredit’s Unsolicited Bid
March 16
March 16 - UniCredit launched unsolicited bid to increase its stake above 30%. Commerzbank, German government and a key union voiced reservations.
($1 = 0.8982 euros)
(Reporting by Tom Sims, John O'Donnell and Valentina Za; Editing by Alexander Smith)
