The Italian lender moved to boost its Commerzbank stake above 20%, shrugging off German opposition to a possible takeover.

Things hit fever pitch on Monday after Italy’s UniCredit, led by veteran dealmaker Andrea Orcel, announced out of the blue that it had entered into derivatives transactions that would raise its stake in Germany’s second-largest bank to 21 percent, making it the largest shareholder.

If the deal wins approval, it will make the Italian bank Commerzbank's largest shareholder - to the dismay of the German government. View on euronews