Banca Popolare di Lodi, the Italian bank valued at €3.1bn ($4bn), last night detailed plans to trump ABN Amro's €6.3bn all-cash offer for Banca Antonveneta with a shares, cash and bonds bid worth €7.5bn.

Pop Lodi already controls every Antonveneta board seat following elections April 30 when new directors were voted in after it had lifted its stake from 5% to just under 30%.