Italy’s UniCredit moved to buy another big chunk of Commerzbank, shrugging off German opposition to a possible takeover and upping the ante in its attempt to create a European banking champion with nearly $1.

Italian government officials are growing frustrated at Germany’s opposition to a potential takeover of Commerzbank AG by Milan-based UniCredit Spa, threatening to disrupt the delicate diplomatic relations between Berlin and Rome.

Chancellor Olaf Scholz expressed sharp criticism on Monday of Italy's UniCredit bank for the way it is accumulating shares in Germany's Commerzbank in apparent preparation for a hostile takeover. "Unfriendly attacks and hostile takeovers are not something that are a good thing for banks,