Italian bank Mediobanca on Tuesday rejected a takeover offer by state-backed rival Monte dei Paschi di Siena , saying a tie-up would be detrimental to its shareholders because it lacked any strategic and financial rationale.

The board of Mediobanca said Banca Monte dei Paschi di Siena’s offer would destroy value for shareholders of both banks.

Mediobanca rejected a €7bn takeover bid from MPS, calling it “destructive of value” and warning it would weaken its business model.

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.

Tuscany’s bailed-out Monte dei Paschi had unexpectedly launched a 13-billion-euro all-share takeover proposal for 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

Italian bank Mediobanca on Tuesday rejected a surprise takeover attempt by domestic rival Monte dei Paschi di Siena. Mediobanca said in a statement that the offer “is devoid of industrial and financial rationale.

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