MILAN, May 13 (Reuters) - Italgas, Europe's biggest gas distributor, said on Monday that it started exclusive talks to acquire Italian gas distributor 2i Rete Gas.

2i Rete Gas, which is Italy's second-largest gas distributor, said in February it wanted to list on the Milan bourse but in March media speculation emerged about a preliminary approach by Italgas over a potential acquisition valuing the smaller rival at 4 billion to 5 billion euros ($4.3 billion to $5.4 billion).

Italgas said on Monday it would finance the acquisition via a bridge credit facility, underwritten by JP Morgan should the acquisition go through.

Italian infrastructure fund F2i has a 64% stake in 2i Rete Gas. Dutch pension fund APG and buyout group Ardian together hold the remaining 36.1%.

JP Morgan is acting as financial adviser and Legance is acting as legal advisor to Italgas. ($1 = 0.9268 euro) (Reporting by Rishabh Jaiswal in Bengaluru and Francesca Landini in Milan)