The Italian government is considering a number of options to counter UniCredit's takeover bid for Banco Bpm.

The Financial Times wrote this, citing two sources familiar with the plans.

Specifically, the British financial newspaper writes, the options include an emergency decree to circumvent the so-called 'passivity rule,' which is the legislation that requires a target company to refrain from carrying out acts or transactions that could prevent an acquirer from making an offer.

The takeover bid on Banco Bpm announced by UniCredit on Monday has caused ill-feeling within the Italian government because it would jeopardize the executive's plan to create a third banking hub by combining Banco Bpm and Banca Mps.

(Andrea Mandalà, editing Gianluca Semeraro)