The Italian Treasury has denied a report that it is drafting an emergency decree to counter UniCredit’s (OTCPK:UNCFF)(OTCPK:UNCRY) 10B euro ($10.6B) bid for Banco BPM, Reuters reported late Friday. UniCredit made the offer for the smaller rival on Monday,

UniCredit SpA has hired Deloitte LLP to advise Italy’s second-biggest bank on its takeover bid for Banco BPM SpA, people familiar with the matter said.

Italian lender UniCredit says its offer for domestic rival Banco BPM is separate from its pursuit of German bank Commerzbank.

The Italian Treasury on Friday denied drafting an emergency decree to counter UniCredit's takeover bid for smaller rival Banco BPM after the Financial Times reported Rome was considering this option.

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.