Intesa to Start €33 Billion Monte Paschi Bid Later This Month
Intesa Sanpaolo SpA plans to launch its €33 billion ($37 billion) takeover bid for rival Banca Monte dei Paschi di Siena SpA by the end of this month, according to people familiar with the matter.
Intesa Sanpaolo SpA is set to begin its €33 billion takeover bid for Banca Monte dei Paschi di Siena SpA (BMPS) in late November, according to a Bloomberg report. The move is expected to significantly reshape the Italian banking landscape. The tender period for the bid is planned to open during the week of November 23, although the exact date may be subject to change.
Intesa secured final regulatory approvals on October 28, which granted a 10-day window for Consob, the Italian securities regulator, to formally approve the offer prospectus. Once Consob clears the deal, Intesa will officially invite BMPS shareholders to tender their shares. Although antitrust approval is still pending, it is not a prerequisite for initiating the transaction.
Intesa CEO Carlo Messina accelerated the timeline after BMPS shareholders overwhelmingly rejected a standalone strategy for acquiring Banco BPM SpA and Banca Generali SpA, effectively leaving the Siena-based bank vulnerable to Intesa's bid. A successful acquisition would give Messina control of Monte Paschi and its valuable auxiliary holdings, including an 86% stake in Mediobanca investment bank and a 13% indirect holding in insurer Assicurazioni Generali SpA.
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