(Reuters) – Bailout lender Monte dei Paschi di Siena (MPS) said on Friday it had launched a 13.3 billion euro ($13.9 billion) all-share buyout offer for Mediobanca (OTC:), in latest surprise twist in a complicated Italian banking saga.

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

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

Delfin is the largest shareholder of Mediobanca with a 19.8% stake while Caltagirone has 7.8%.

($1 = 0.9568 euros)