Intesa plans to launch its takeover bid for MPS at the end of this month
Intesa Sanpaolo, the Italian bank with the most assets -over €992 billion- plans to launch its public tender offer (OPA) of €33 billion for its rival Banca Monte dei Paschi di Siena (MPS) before the end of November, according to a Bloomberg report citing sources knowledgeable about the matter.
Intesa Sanpaolo plans to launch a €33 billion takeover bid for Banca Monte dei Paschi di Siena (MPS) before the end of November. The bid is set to start during the week of November 23, according to sources. Intesa received regulatory approvals on October 28 and is awaiting approval from competition authorities, although this is not a prerequisite for the bid.
The move follows MPS shareholders rejecting an alternative strategy proposed by CEO Luigi Lovaglio. If successful, Intesa's bid would transform Italy's financial landscape, giving Carlo Messina control of Paschi, Mediobanca, and a stake in Assicurazioni Generali.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
