Intesa eleva su oferta a Monte dei Paschi a 0,25 euros por acción

Intesa Sanpaolo has increased its cash offer to acquire Banca Monte dei Paschi di Siena to 0.25 euros per share, according to Bloomberg. The Italian financial entity is offering this revised price if Monte dei Paschi shareholders reject the other two acquisition proposals put forward by its CEO, Luigi Lovaglio. If shareholders support either the acquisition by Banco BPM or Banca Generali during the upcoming meeting on October 29th, Intesa's offer will decrease in value.

This significant juncture in Monte dei Paschi's future forces investors to choose between being acquired by Intesa or Lovaglio's plan of launching operations on Banco BPM and Banca Generali. Intesa CEO Carlo Messina shocked the markets in June by presenting his offer to buy Monte dei Paschi, a move that would strengthen the dominant position of the bank in Italy, expand its heritage management and investment banking activities by incorporating Mediobanca, and gain a substantial minority stake in Assicurazioni Generali, the largest insurance company in the country.

Intesa has pledged to sell roughly half of Monte dei Paschi's branches to Unipol Assicurazioni to address potential competition concerns. While Lovaglio has not formally rejected Intesa's offer, he has expressed concerns about the price and the plan to sell a significant portion of the bank's assets, leading to separate offers from Lovaglio.