Tuscany's bailed-out Monte dei Paschi had unexpectedly launched a 13-billion-euro all-share takeover proposal for Mediobanca.

Italian bank Mediobanca on Tuesday rejected a takeover offer by state-backed rival Monte dei Paschi di Siena , saying a tie-up would be detrimental to its shareholders because it lacked any strategic and financial rationale.

Mediobanca rejected a 13.3 billion-euro takeover attempt by Monte dei Paschi, citing a lack of industrial logic and potential shareholder value destruction. The bid aimed to create Italy's third-largest bank with significant synergies.

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.

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.

Italian bank Mediobanca on Tuesday rejected a surprise takeover attempt by domestic rival Monte dei Paschi di Siena. Mediobanca said in a statement that the offer “is devoid of industrial and financial rationale.

"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