Public M&A Report

The Noerr Public M&A Report analyses the development of public takeovers in terms of number and volume as well as the development of premiums and market trends. It also focusses on a number of topics currently relevant to public takeovers from a legal perspective.

Transactions

First half of 2026

bn.

EUR

Market capitalisation

First half of 2026

Large Cap

Transactions

First half of 2026

In the first half of 2026, the German market for public takeovers set a new record low for the number of transactions, with only four offer documents published. Driven by UniCredit’s large-scale takeover offer to Commerzbank shareholders, however, both the market capitalization at the offer price (approximately EUR 44 billion) and the actual offer volume (approximately EUR 32 billion) reached record half-year levels.

The Noerr Public M&A Report 02/2026 analyses this market environment, which is characterized by historically low offer activity and one of the most significant transactions of recent years. The report examines the number, type, and volume of offers approved by German regulator Bafin under the German Securities Acquisition and Takeover Act, their distribution across the small-, mid-, and large-cap segments, and the trend in premium levels during H1/2025. This report focuses on the four individual transactions.

Two articles on current legal topics examine Bafin’s authority to impose advertising bans in the context of public offers as well as the implications of the European Court of Justice (ECJ) decision “Valora Effekten Handel” (Case C-864/24) dated February 12, 2026.