Presentation of the Bank of Italy's annual report

UniCredit CEO Andrea Orcel leaves after attending the presentation of the Bank of Italy’s annual report, in Rome, Italy May 30, 2025. REUTERS/Remo Casilli

LONDON, March 16 (Reuters Breakingviews) – The UniCredit ​CEO’s low-premium tender offer for the $40 bln German ‌lender may mean he only gets a bit more than his current 26% stake. Andrea Orcel gets to proceed on his ​own terms, and flexibility for fresh hikes. Yet ​Commerzbank and the German state remain obstacles to ⁠a deal.

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Editing by George Hay; Production by Streisand Neto

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Neil Unmack

Neil Unmack is a Reuters Breakingviews Associate Editor based in London. He covers credit markets, hedge funds, and Italy. Previously he was a corporate finance reporter at Bloomberg News in London. He started his career as a financial journalist in 2001 at Euromoney Institutional Investor, where he covered structured finance for EuroWeek magazine. He was educated at Eton College and Oxford University, graduating with a first class degree in modern languages.