Commerzbank has vowed to fight any takeover and UniCredit’s approach has angered German politicians, including outgoing Chancellor Olaf Scholz and his likely successor, Friedrich Merz, whose conservatives won elections last month.

UniCredit said in a statement that it was “awaiting the opportunity to initiate a constructive dialogue” with the next German government.

The UniCredit-Commerzbank saga began in September when Italy’s second-biggest bank revealed it had built up a stake in its rival, triggering talk that CEO Andrea Orcel wanted to push for an ambitious pan-European banking merger.

It has since boosted its holding in the German bank to around 28%.

“While the (ECB’s) approval underscores UniCredit’s financial strength and regulatory compliance, there are still many factors that will determine any further steps and their associated timeline,” UniCredit said.