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Monte dei Paschi di Siena has launched a 13.3 billion euro ($14 billion) all-share buyout offer for merchant bank Mediobanca, just over seven years after Italy rescued the Tuscan bank to avert a wider crisis.

Attention focused immediately on the intentions of the billionaire Del Vecchio and Caltagirone families. The late Leonardo Del Vecchio’s holding company Delfin owns 9.8% of MPS and 19.8% of Mediobanca, while Francesco Gaetano Caltagirone owns 5% of MPS and 7.8% of Mediobanca.