UniCredit has crossed a key 30% ownership threshold in its takeover bid for German bank Commerzbank, marking a significant milestone in the Italian lender's acquisition attempt.

The development comes as UniCredit announced Tuesday that shares representing approximately 7.6% of Commerzbank's share capital have been tendered as part of its takeover offer. The bid values the German bank at roughly $28 billion.

Surpassing the 30% threshold is considered a critical juncture in takeover attempts, as it typically triggers additional regulatory requirements and demonstrates substantial shareholder support for the acquisition.

UniCredit's bid represents one of the most significant cross-border banking consolidation attempts in Europe in recent years. The Italian bank has been pursuing the German lender as part of its broader expansion strategy.

The tender offer results indicate growing acceptance among Commerzbank shareholders for UniCredit's proposal, though the final outcome of the takeover attempt remains to be determined as the process continues to unfold.