Mediobanca SpA’s board plans to meet on Tuesday to review Banca Monte dei Paschi di Siena SpA’s takeover offer, according to people familiar with the matter.

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.

Italian bank Monte dei Paschi di Siena said Friday that it was launching a bid for its larger rival Mediobanca, a potential 13.3 billion euro ($13.9 billion) deal that could

The deal intensifies with MPS offering 23 of its shares for every 10 shares of Mediobanca, representing a 5% premium over the last closing price.