UniCredit has secured commitments to raise its stake in Commerzbank past the critical 30% threshold, strengthening its position in the $28 billion takeover attempt. The Italian bank announced that shares representing 7.6% of Commerzbank's share capital have been tendered, combining with UniCredit's existing 26.8% direct stake to control approximately 34.4% of its German target.

This development adds significant momentum to UniCredit CEO Andrea Orcel's pursuit of Commerzbank, which he values at 24 billion euros. Beyond the direct stake, UniCredit also holds financial instruments connected to 3.2% of Commerzbank and 13.2% in cash-settled derivatives, further solidifying its position in the German lender.

The 30% threshold represents a crucial milestone in UniCredit's attempt to acquire the remaining shares, giving the Italian bank increased leverage in its courtship of Commerzbank and potentially accelerating the timeline for a completed deal that would reshape Europe's banking landscape.