Monte dei Paschi di Siena is set to take control of rival Mediobanca after shareholders representing around 62.3% of the target’s capital tendered their shares to the 16 billion-euro ($19 billion) takeover bid.

Shares in both banks rose as much as 5% in early European trading on Tuesday as the deal to reshape Italy’s financial landscape—which initially received skepticism from investors and analysts—is now set to go through.