Around 200 Commerzbank employees protested outside the bank's annual general meeting in Wiesbaden, Germany, against a potential takeover by Italy's UniCredit. The staff, some dressed as Gallic warriors or in Commerzbank's yellow colors, voiced their opposition to the Italian lender's advances.

UniCredit has been steadily increasing its stake in Commerzbank since the previous year, fueling speculation about a possible merger that has caused concern among Berlin's corporate and political circles. Christine Pfeiffenberger, a Commerzbank employee, emphasized the desire to remain independent, while another protester, Denis Krutikov, questioned the wisdom of merging against the workers' wishes. One demonstrator even drew inspiration from Asterix comics, holding a sign depicting someone being crushed by a menhir.

Commerzbank CEO Bettina Orlopp told shareholders that the bank aims to become a key European institution. To bolster its position and attractiveness to shareholders, Commerzbank has reported its best quarterly profit since 2011, announced job cuts, and initiated share buybacks.

UniCredit's interest in Commerzbank became public in September, sparking discussions about a pan-European banking merger led by CEO Andrea Orcel. UniCredit has since increased its holding to approximately 28 percent, securing regulatory approval to potentially reach 29.99 percent without triggering a mandatory takeover offer.

Despite UniCredit's advances, German Chancellor Friedrich Merz has spoken out against the potential takeover. While Orcel has indicated a willingness to wait until 2027 to decide on a takeover bid, Commerzbank's shares have risen by 60 percent since the beginning of the year, increasing the cost of any potential acquisition. The rising share price may soon exceed the price the German government paid for its stake during the 2008 financial crisis.