Banca Monte dei Paschi di Siena SpA made a surprise offer to acquire larger rival Mediobanca SpA in a deal valued at €13.3 billion ($13.9 billion), adding a new twist in a series of takeover attempts that are shaking up Italy’s banking industry.

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 13.3 billion euro ($14 billion) all-share buyout offer for merchant bank Mediobanca, just over seven years after Italy rescued the Tuscan bank to avert a wider crisis.