Mediobanca, a key player in Italy's banking sector, has received an unexpected bid of €13.3 billion ($13.9 billion) from the world's oldest lender. This move is seen as a potential catalyst for consolidation within Italy's fragmented banking industry. The Italian government, under Prime Minister Giorgia Meloni, is reportedly involved in what has been described as the largest hostile state intervention in recent history, which has drawn criticism from publications such as The Economist and Financial Times. Additionally, Credit Agricole is taking steps to protect its interests in Italy following an unsolicited takeover approach aimed at its partner, Banco BPM. Meanwhile, UniCredit's CEO, Andrea Orcel, has been promoting the advantages of a merger with Commerzbank to staff in Germany.