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.

The lender reinvigorated a stalled wave of European banking consolidation, bidding more than $10 billion for smaller Italian peer Banco BPM.

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world UniCredit SpA said Monday it has started a bid to take over domestic rival Banco BPM.

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. Italy's No.

UniCredit launched a $10 billion-plus offer to buy Banco BPM, setting its sights on a smaller domestic peer after circling Commerzbank in recent months.

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.