UniCredit built its influence through a combination of a 26.7% direct holding accumulated since September 2024 and the recent tender offer. An additional 3.2% stake remains accessible through a swap contract that the Italian bank can convert at its discretion. This accumulation strategy aims to bypass mandatory buyout thresholds while positioning UniCredit to influence the future of the German lender.

The process remains fraught with friction. Commerzbank leadership previously argued that the tender uptake was largely driven by investment banks acting as counterparties to UniCredit’s own swap agreements rather than independent shareholders. Meanwhile, the German government, which retains a 12% stake, has openly criticized the move as a hostile intrusion. Despite the standoff, UniCredit stated it intends to pursue constructive engagement with stakeholders to navigate the bank's next phase.