The European Central Bank has given UniCredit the green light to buy up to 29.9% of Commerzbank , the Italian bank said on Friday, adding it would likely wait until next year before deciding whether to pursue a full takeover.

The Italian bank said it had received authorization to increase its holding in the potential takeover target to up to 29.9%.

The European Central Bank has given UniCredit the green light to buy up to 29.9% of Commerzbank, the Italian bank said, adding it would likely wait until next year before deciding whether to pursue a full takeover.