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 SpA, the Italian lender that hopes to acquire Commerzbank AG, increased its equity stake in the German firm and became its largest shareholder after converting derivatives into stock. The move gives Milan-based UniCredit about 20% of the effective voting rights and it intends to eventually convert its remaining “synthetic position” to boost its Commerzbank holding to roughly 29%,