Italian bank Monte dei Paschi di Siena has announced it is launching a 13.3 billion euro takeover bid for larger peer Mediobanca in a surprise move that could reshape the country’s banking sector.

Italy's bailed-out Monte dei Paschi di Siena on Friday launched a 13.3 billion euro all-share takeover offer for larger domestic peer Mediobanca.

The surprise move is the latest amid a wave of consolidation in the country’s banking industry in recent months and would create Italy’s third-largest entity in the sector.

Monte dei Paschi, Italy’s oldest bank, launched a 13.3 billion-euro ($13.9 billion) takeover bid last week for larger Milan-based peer Mediobanca that aims to reshape the Italian banking sector. Monte dei Paschi said that the tie-up would generate 700 million euros ($733 million) a year in pretax synergies, and deliver significant profits.

"Mediobanca turns down Monte dei Paschi’s $14bn buyout offer" was originally created and published by Private Banker International, a GlobalData owned brand. The information on

Italian bank Mediobanca (BIT: MB) is in focus this morning after its shareholders voted to reject Banca Monte dei Paschi’s (BIT: BMPS) €13 billion takeover proposal, citing a lack of “industrial and financial rationale.