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.

The surprise move is the latest amid a wave of consolidation in the country’s banking industry in recent months and would create Italy’s third-largest entity in the sector.

MPS shares were down 2% on the Milan bourse at 0802 GMT and those in Mediobanca were down 0.3%, compared to a fall of 0.7% for the Italian banking index. MPS had fallen 6.9% on Friday while Mediobanca was up 7.