The Italian lender rejected the offer from its larger rival, saying it undervalues the bank and creates uncertainty.

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Italy's Banco BPM on Tuesday rebuffed a 10 billion euro ($10.5 billion) unsolicited takeover offer by rival UniCredit, saying it undervalued the bank, tied its hands in strategic deals and created new risks for shareholders.

"Italy’s UniCredit makes buyout offer for Banco BPM" was originally created and published by Retail Banker International, a GlobalData owned brand.

MILAN (Reuters) - UniCredit's surprise bid for Italy's Banco BPM is hostile, a board member of the smaller lender told Italian newswire ANSA on Tuesday. He was speaking ahead of a Banco BPM board meeting for an initial discussion on the 10 billion euro ($10.5 billion) takeover bid launched on Monday by Italy's second-largest bank.

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.

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.

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.

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.