STORY: UniCredit said on Wednesday it had secured around 48% of Commerzbank's shares.

It left the Italian bank close to gaining control of the German lender it's been trying to buy for two years.

Unicredit CEO Andrea Orcel must now decide if he wants to lift the stake above 50%...

Which would allow his bank to propose board changes at Commerzbank. 

Or Orcel could attempt to build consensus first, which he has pledged to do. 

However, UniCredit could still struggle to advance its takeover aims.

It faces hostility from the German government, unions and Commerzbank itself.

Germany's finance ministry renewed its criticism of UniCredit on Wednesday, calling its - quote - "aggressive and hostile approach" unacceptable.

Commerzbank, which Berlin still has a 12% stake in following a 2009 bailout, has opposed the deal.

But the lender said it was open to constructive dialog with UniCredit.

Orcel and his Commerzbank counterpart Bettina Orlopp have held several rounds of short-lived informal talks.

Attempts to hold substantive negotiations over the takeover bid have so far failed due to disagreements.