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 announced Friday it was launching a 13.3 billion euro ($13.9 billion) takeover bid for larger peer Mediobanca in a surprise move that could reshape the country’s banking sector.

Mediobanca’s board will meet on Tuesday morning to evaluate the unsolicited approach, which has garnered government support but so far failed to win over investors and analysts.