Italy's UniCredit has made an unsolicited bid to increase its stake above 30% in Commerzbank, crossing the mandatory 30% takeover threshold. The bank, founded in Hamburg and later moved to Berlin, became one of Germany's leading banks in 1970 and later expanded to New York, London and other European capitals. It was Germany's first commercial bank to turn to the government for capital during the global financial crisis, receiving 25% plus one share stake in the bank in return for an additional 10 billion euro ($11.13 billion) capital injection. However, the deal was rejected by the German government and a key union, with the bank's new CEO Manfred Knof planning to cut 10,000 jobs and close hundreds of branches as part of a revamp.