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.

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

Mediobanca SpA is opposed to the takeover bid by rival Banca Monte dei Paschi di Siena SpA, according to a person familiar with the matter.