(Reuters) – Bailed-out lender Monte dei Paschi di Siena (MPS) said on Friday it was launching a 13.3 billion euro ($13.9 billion) all-share buyout offer for Mediobanca (OTC:), in the latest surprise twist of a complex Italian banking saga.

Monte dei Paschi (MPS), which for years was the problem child of Italian banking until a 2017 bailout, is offering 23 of its own shares for every 10 Mediobanca shares tendered, equivalent to a 5% premium versus Thursday’s closing price.

The buyout offer comes after Italy’s drive to re-privatise the Tuscan bank brought onboard as shareholders in November Delfin, the holding company of late billionaire Leonardo Del Vecchio, and fellow tycoon Francesco Gaetano Caltagirone.

Delfin is the biggest shareholder in Mediobanca with a 19.8% stake while Caltagirone owns 7.8%.

($1 = 0.9568 euros)