UniCredit met renewed German opposition on Wednesday to its takeover ambitions for Commerzbank after it doubled its voting stake in the rival, pending an Italian court ruling on its bid for domestic target Banco BPM.

Italian lender UniCredit has become the largest shareholder in Frankfurt-based Commerzbank, as its bid to take over Germany's second-largest private bank took a major leap. "Once again, this step has not been agreed with Commerzbank,

UniCredit is increasing its stake in Commerzbank to 29%, aiming to strengthen its position in Germany’s banking sector. The Italian bank, led by CEO Andrea Orcel, has converted derivatives representing 10% of Commerzbank shares into equity, gaining 20% voting rights. It also holds options on another 9%, making it the largest private shareholder.