Mediobanca SpA’s chief executive officer said a takeover attempt by smaller rival Banca Monte dei Paschi di Siena SpA was unsolicited, as the Italian investment bank prepared to respond and possibly defend itself.

Banca Monte dei Paschi di Siena SpA’s takeover bid for rival Mediobanca SpA is a “market operation” reflecting the revived lender’s strength, Italian Prime Minister Giorgia Meloni said.Most Read from BloombergWhat Happened to Hanging Out on the Street?

Banca Monte dei Paschi di Siena SpA launched a €13.3 billion ($13.9 billion) all-share offer for larger rival Mediobanca SpA, as Italy’s banking consolidation heats up.

Bailed-out lender Monte dei Paschi di Siena has today launched a €13.3 billion all-share buyout offer for Mediobanca MDBI.MI, in the latest surprise twist of a complex Italian banking saga.

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.

By Valentina Za and Gianluca Semeraro MILAN (Reuters) -State-backed Monte dei Paschi di Siena on Friday joined the consolidation wave sweeping Italian banking with a surprise 13.3 billion euro ($14 billion) all-share offer to buy merchant bank Mediobanca.