(Reuters) – Bailed-out lender Monte dei Paschi di Siena (MPS) stated on Friday it was launching a 13.3 billion euro ($13.9 billion) all-share buyout supply for Mediobanca (OTC:), within the newest shock twist of a posh Italian banking saga.

Monte dei Paschi (MPS), which for years was the issue youngster of Italian banking till a 2017 bailout, is providing 23 of its personal shares for each 10 Mediobanca shares tendered, equal to a 5% premium versus Thursday’s closing price.

The buyout supply comes after Italy’s drive to re-privatise the Tuscan financial institution introduced onboard as shareholders in November Delfin, the holding firm of late billionaire Leonardo Del Vecchio, and fellow tycoon Francesco Gaetano Caltagirone.

Delfin is the most important shareholder in Mediobanca with a 19.8% stake whereas Caltagirone owns 7.8%.

($1 = 0.9568 euros)