MILAN (Reuters) - UniCredit said it had acquired on Monday, through financial instruments, a further 11.5% of Commerzbank after applying to supervisors to reach a holding of up to 29.9% in the German rival.

"The physical settlement under the new financial instruments may only occur after the required approvals have been obtained," UniCredit said in a note.

When taking into account the initial 9%, UniCredit's overall position now totals around 21%, it said.