UniCredit (MIL:UCG) posted strong Q2 results—€2.9bn net profit after a Commerzbank one-off, raised pre-merger synergies to €1.2bn and values Commerzbank stake >€8bn—and signaled readiness to negotiate the takeover while seeking shareholder approval for AT1 notes and new shares.
Previous Week Recap
- UniCredit Q2 Profit, Revenue: UniCredit Q2 2026 net profit €2.9bn (EPS €1.94) after €245m Commerzbank-related one-off; revenue €6.52bn, NII ~€3.68bn, commissions €2.35bn, loan write-downs €192m, interim cash dividend €2.8bn
- Sept 21 Milan Meeting For AT1, Shares: UniCredit (UCG) schedules Sept 21, 2026 Milan shareholder meeting to seek approval to issue up to €5.0bn AT1 notes and authorize up to 10.603m new ordinary shares through 2027.
- Synergies Upgraded To €1.2bn: UniCredit raised pre-merger synergies from its Commerzbank stake to €1.2bn before tax and says tax- and capital-adjusted value exceeds €8bn before integration costs.
- Orcel: Ready For Talks: UniCredit CEO Andrea Orcel says the bank is ready to negotiate concrete terms with the German government over its Commerzbank bid, signaling willingness to enter formal talks on the deal.
- EU Sanctions Exemption For Transfers: EU approved a limited sanctions exemption allowing UniCredit (UCG) to release frozen funds and authorize transfers to settle the 2015 Ukrsotsbank put option, enabling payment and related transfers.
- Monte dei Paschi Ties Viewed: Traders noted UniCredit (UCG) eyeing Monte dei Paschi assets amid wider European bank consolidation; ties to UniCredit’s Commerzbank move and Intesa Sanpaolo’s €35B bid were flagged.
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