MILAN/FRANKFURT - Italy’s UniCredit said on March 16 it was launching an unsolicited offer to increase its stake in Commerzbank to more than 30 per cent and push its rival to engage in merger talks.

While UniCredit said it did not expect to achieve control of the German lender, in which it already holds a 26 per cent equity stake and another 4 per cent through total return swap contracts, the move ramps up pressure on Commerzbank’s management after a pursuit that started more than a year ago.