(Bloomberg) -- UniCredit SpA is planning to hold a meeting with Credit Agricole SA in the next few weeks to discuss the Italian bank’s takeover bid for a domestic rival in which the French lender is the biggest shareholder.

UniCredit Chief Executive Officer Andrea Orcel is in touch with his French counterpart Philippe Brassac to find a date for the meeting, people familiar with the matter said. They aim for it to take place before the year is over, they said, asking not to be identified discussing private information.

Representatives for both banks declined to comment. Italian newspaper Il Messaggero first reported that a meeting between the two banks is likely to take place.

UniCredit on Monday made an unsolicited all-stock bid for Banco BPM, offering 0.175 new shares for each one in the smaller rival. Banco BPM has rebuffed the proposal as too low. 

Credit Agricole currently holds around 9% in Banco BPM, making it the largest shareholder. The two lenders also have partnership agreements in place, which increase the significance of BPM for the French firm.

Credit Agricole also has agreements with UniCredit for custody services, trading and asset management.

Orcel has said he’s keen to have talks with all Banco BPM shareholders. 

--With assistance from Nicholas Comfort.

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