Banken: Monte dei Paschi legt doppeltes Milliardenangebot vor

The Italian bank Monte dei Paschi is simultaneously presenting two billion-euro offers to defend itself against competitor Intesa Sanpaolo. The bank announced a share exchange offer for Banco BPM, valuing it at 25.3 billion euros, and another offer for Banca Generali worth 8.7 billion euros. Combined, the two transactions total 34 billion euros.

Monte dei Paschi also announced a special dividend of four billion euros, financed by cash and shares from its stake in insurance company Assicurazioni Generali. The bank called a shareholders' meeting for October 29th to seek approval for the moves. The initiative is led by CEO Luigi Lovaglio. Intesa Sanpaolo had made an acquisition offer for Monte dei Paschi about two months ago.

Lovaglio's previous attempt to arrange a peer-to-peer merger with Banco BPM had failed. This dual approach is now his next line of defense. The hurdles are high; Intesa's offer triggers Italy's so-called passivity rule, requiring Lovaglio to obtain approval from at least two-thirds of shareholders to pursue his plan. Additionally, he must win over shareholders of the target companies, including French Crédit Agricole, which holds nearly 30 percent of Banco BPM, and Banca Generali as its majority shareholder.

Monte dei Paschi's offer provides 1.567 of its own shares for each Banco BPM share and 6.958 of its own shares for each Banca Generali share. Plans for a "national champion" emerge, as the acquisition of Banca Generali would strengthen Monte dei Paschi in asset management and grant it a stronger position in prosperous Northern Italian regions.

The bank states that the moves aim to create a stronger national champion. This tactic follows a wave of mergers in Italy's financial sector, with Banco BPM acquiring Anima Holding two years ago and subsequently facing a failed takeover attempt by Unicredit. Monte dei Paschi absorbed Mediobanca last year, gaining roughly 13 percent ownership in Generali, currently valued at about 8.5 billion euros.

Intesa assesses Monte dei Paschi at around 36 billion euros, agreeing to sell half of the acquired bank's branches to Unipol Assicurazioni to address antitrust concerns. Monte dei Paschi's board has not officially rejected the Intesa offer but expresses doubts about the price and the planned branch sale.