Banca Popolare di Lodi, the Italian bank, is set to launch a rival takeover bid for Banca Antonveneta, already the subject of a €6.3bn ($8.1bn) offer from ABN Amro. BPL's board today approved an offer.

BPL is to make a share and bond offer that values Antonveneta at €26 per share, according to Reuters. ABN's all-cash offer, launched last month, is worth about €25 per share.