Monte Paschi launched a (Euro)13.3 billion ($13.9 billion) all-share offer for larger rival Mediobanca, confirming an earlier Bloomberg scoop, as Italy's banking consolidation heats up. The deal "aims to deliver significant profitability levels and to maintain a solid capital position," Monte Paschi said in a statement. The Siena-based lender expects 700 million in pretax synergies per year from the tie-up. Bloomberg's Tommaso Ebhardt reports.

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