FRANKFURT - A special committee of Commerzbank's supervisory ‌board met 11 times in 2025 to discuss the ​situation around Italy's UniCredit, the German bank's largest shareholder ​that last week ​made a takeover offer, according to Commerzbank's annual report published Wednesday.

Commerzbank's supervisory board formed ⁠the temporary committee in 2024 when UniCredit first began amassing its large stake.

"It conducted a detailed examination of UniCredit's stake in Commerzbank and ​its ‌impact on the ⁠bank ⁠and received reports on these matters from the board of ​managing directors as well ‌as internal and external advisers," ⁠the annual report said of the committee's work.

Last week, UniCredit cranked up the pressure on Commerzbank to accept merger talks with a low-ball bid to raise its stake in the German lender above 30%.

Commerzbank's management has called UniCredit's approach hostile. The German government, ‌which is also a big Commerzbank shareholder, ⁠as well as unions have ​rejected UniCredit's advances.

The annual report said the special committee discussions on UniCredit included the market ​environment and ‌the share prices of both banks.

 

(Reporting ⁠by Tom Sims; ​editing by Matthias Williams and Miranda Murray)