UniCredit's bid for Banco BPM raises concerns about the potential impact of the deal on jobs, the banking sector's main union said on Thursday. "There is great concern about the employment fallout that could result from the deal.

Banco BPM CEO Giuseppe Castagna has raised concerns over potential job losses in the wake of Italian banking group UniCredit's unsolicited takeover bid, reported Bloomberg citing a letter sent to by Banco to its employees.

Banco BPM SpA said the takeover bid it has received from UniCredit SpA wasn’t agreed in advance and isn’t in line with its performance.

Italian lender Banco BPM on Tuesday said the unexpected takeover offer by domestic rival UniCredit does not reflect its profitability and could reduce its legal autonomy. UniCredit offered to snap up Banco BPM for roughly $10.

Italy's UniCredit on Monday launched a surprise 10 billion euro ($11 billion) bid for domestic peer Banco BPM , which CEO Andrea Orcel said would take precedence over any potential move on Germany's Commerzbank .

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UniCredit SpA informed top officials in the Italian government and Banco BPM SpA Chairman about its intention to make a takeover bid for its smaller rival before announcing the move on Monday, people with knowledge of the matter said.

Italy reserves the right to use its golden power legislation aimed at shielding strategic assets in regards to UniCredit's plans to take over Banco BPM , Economy Minister Giancarlo Giorgetti said.

Banco BPM SpA, Italy’s third-largest bank, has rejected a €10 billion ($10.5 billion) takeover bid from UniCredit SpA, which aimed to create the country’s largest banking entity. Banco announced Tuesday that UniCredit’s offer undervalued its financial strength and future growth potential,

Italy's Banco BPM, the target of an unsolicited all-share offer announced by UniCredit, should remain an independent bank, its CEO said in a letter to staff on Wednesday, warning of big job cuts if the deal went through.