Italien: Kampf um Monte dei Paschi: Intesa Sanpaolo bringt sich in Stellung

Intesa Sanpaolo, Italy's largest bank, has moved closer to its planned acquisition of Monte Paschi di Siena (MPS) after 97% of shareholders approved a capital increase at an extraordinary general meeting on Thursday morning. The financing for the €30.6 billion acquisition, paid in cash and shares, was anticipated and gives Intesa CEO Carlo Messina a strong mandate.

If implemented, the deal would reshape Italy's banking sector. Intesa will offer up to 5.7 billion new shares to MPS shareholders who accept the takeover. Messina stated that Intesa views the transaction as one of the most profitable banks in Europe. In addition, Intesa plans to transfer the MPS brand and about half of its branch network to Unipol Assicurazioni for €3 billion, acquire Mediobanca, the investment bank MPS acquired in September 2025, and other MPS branches and central functions.

Should the offer be accepted, this would be one of the largest bank mergers in Italian history. Intesa has already obtained the required regulatory approvals for the share increase, with the Italian financial supervisory authority Consob expected to approve the offer between October and November. However, MPS is not guaranteed to succeed as it has filed two share swap offers to Banco BPM and Banca Generali to create another Italian banking row around MPS.

These counter-offerings aim to create an alternative to MPS's integration into Intesa, strengthening MPS's independence. While some analysts believe this strategy has little chance of success, they suggest it may primarily be a defensive move against Intesa and Unipol's takeover ambitions. The government's interest in MPS is also significant, as the Italian government holds 13.3% in the insurer Generali, the largest buyer of Italian sovereign bonds.

Minister President Giorgia Meloni advocates for a strong, independent MPS, but her government's room for maneuver is limited. The next crucial date is October 29 when MPS shareholders will vote on the takeover proposals, indicating whether they prefer MPS's defensive strategy or Intesa's takeover offer.