وَرَفَعَ يَدَيْهِ مَعَ التَّكْبِيرِ
Meaning: He raised his hands with the takbir.
The phrase indicates a close association. Hanafi discussion also examines whether the hands are first brought to the desired level and then takbir pronounced, or whether the verbal and physical acts coincide. This is a difference in the method, not in the obligatory status of the formula.