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.

Monte dei Paschi di Siena has launched a €13.3bn takeover offer for larger rival Mediobanca in a move that would shake up Italy’s banking sector.