Banca Popolare di Lodi, the Italian bank valued at €3.1bn ($4bn) last night trumped ABN Amro's €6.3bn all-cash offer for Banca Antonveneta with a shares, cash and bond bid worth €7.5bn.

Reuters reports that Pop Lodi already controls every Antonveneta board seat following a vote on April 30 when it voted in the new directors after building its stake from 5% to just under 30%.