Italian banking giant UniCredit said Friday it had secured approval from the European Central Bank to buy up to 29.9 percent of Commerzbank, opening the door to a possible takeover of its German rival.

Italian banking giant UniCredit said Friday it had secured approval from the European Central Bank to buy up to 29.9 percent of Commerzbank, opening the door to a possible takeover of its German rival.

The European Central Bank has given the green light for Italian bank UniCredit to raise its stake in German peer Commerzbank to up to 29.9%.