Monte dei Paschi di Siena (MPS) said Tuesday that it was raising its bid for control of Mediobanca, adding a cash component of 0.90 euros per share on top of its offer of 2.533 of its own shares for every Mediobanca share.
MPS, Italy's third biggest bank and the world's oldest continually trading financial institute, said it had upper the offer out of "attention on the market".
The Siena-based lender said it was waiving the threshold of 66.67% for the bid to be effective, saying the minimum requirement was 35%.
The offer is open until September 8.
Mediobanca is the country's premier merchant bank.
