Italien: Aktionäre von Bank Monte dei Paschi stoppen Abwehrplan gegen Intesa-Übernahme

Monte dei Paschi di Siena (MPS), Italy's oldest bank, has rejected its CEO Luigi Lovaglio's counter-offer to thwart a takeover bid by Intesa Sanpaolo. The shareholders, who comprised 65.86% of the bank's capital, voted against the plan with 91% of them. Lovaglio proposed buying BPM, a subsidiary, and Banca Generali to fend off Intesa Sanpaolo, Italy's largest bank.

However, the shareholders did not follow his lead. Lovaglio urged the shareholders not to overestimate the result prior to the vote, stating that the outcome should not be interpreted as an acceptance of Intesa's offer and would not solely determine MPS's future. The key factors deciding the outcome include the final terms of the takeover offer, decisions from the antitrust authorities, and the number of shareholders accepting the offer.

Italian newspapers have already dubbed the meeting as "the last assembly as an independent bank," as Intesa Sanpaolo is now expected to move in for the takeover. The bank has made an offer consisting of cash and shares for the bank, which the MPS shareholders seem more favorable towards than Lovaglio's plans. Intesa Sanpaolo had previously revised its first offer.

MPS shareholders will now receive 1.25 euros in cash and 1.6 Intesa shares instead of one euro in cash. The European Central Bank has approved the takeover. The rejection in the shareholder meeting could also mean the end of Lovaglio's tenure at MPS, as he was brought in by the Italian government in 2022 as a turnaround specialist after the bank's rescue with state funds in 2017.

Lovaglio had managed to bring the bank back to profitability and pay dividends to shareholders for the first time in over a decade. He also acquired successful Milan-based investment bank Mediobanca in September 2025, making MPS a favored takeover candidate for Intesa. The shareholder meeting also unanimously rejected the only contentious point on the agenda: the merger of MPS and Mediobanca at the current time.

If Intesa Sanpaolo does indeed acquire MPS, the deal would be one of the largest in Italian banking history, with a value of around 31.4 billion euros. It would also mark a high point in the ongoing consolidation of Italy's national banking sector.