Banks: ECB gives Intesa Sanpaolo green light for MPS takeover
Italy's largest bank is moving forward with its 32 billion euro purchase offer. Approval from the stock exchange regulator and the decision of the competition authorities are still pending.
Intesa Sanpaolo has received permission from the European Central Bank to acquire competitor Monte dei Paschi di Siena. The 32 billion euro offer has cleared a significant hurdle with the ECB's approval. Intesa also gained approval for indirect control over investment bank Mediobanca. The Italian stock market regulator Consob is expected to approve the offer document in early November, allowing Intesa to begin the offer period. To address antitrust concerns, Intesa has agreed to sell half of MPS's branches to insurer Unipol.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
