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.

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.

UniCredit on Monday launched a €10.1bn takeover bid for BPM, Italy’s third-largest bank, surprising the market and the country’s political establishment.

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.

Banco BPM SpA rebuffed an unsolicited approach by UniCredit SpA, saying its takeover offer wasn’t agreed in advance, is too low and would likely hurt jobs and competition in Italy.Most Read from BloombergNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Kansas City,

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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.

The bid from the larger Italian lender "does not reflect in any way the profitability and further potential to create value for Banco BPM shareholders", it said in a statement.

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.

ROME, NOV 27 - The CEO of Banco BPM, Giuseppe Castagna, wrote a letter to staff Wednesday saying there would be estimated job losses of at least 6,000 if Italy's second-biggest bank UniCredit succeeds in its hostile takeover bid for the country's third-biggest.