Banca Popolare di Lodi, the Italian bank regulators yesterday forced to launch a cash offer for its larger rival Antonveneta, has reportedly started contacting banks in an attempt to arrange financing for the deal by the May 19 deadline.

Consob, the Italian regulator, told Pop Lodi, which is worth €3bn ($3.8bn), that it must make a full takeover offer for Antonveneta, worth €7.5bn, after discovering it had built an undisclosed stake of more than 30%.