Unicredit controls 49.65% of Commerzbank voting rights after 17.6% of shareholders accept an exchange offer, giving Andrea Orcel decisive influence over supervisory board appointments and strategy at the Frankfurt-based bank.The stake rises from 26.77% to roughly 44.37% direct ownership and, with convertible instruments and cancelled treasury shares, provides access to 47.59% of shares and near-majority voting power that could reach 60% if conversions occur.European Central Bank and
EU Commission approvals are pending while
Commerzbank CEO
Bettina Orlopp, employee representatives and the German government oppose the move as
Unicredit outlines plans to cut about 7K jobs and seek billions of euros in savings.