{
  "id": 2341816,
  "title": "Monte dei Paschi lanza ofertas sobre Banca Generali y Banco BPM por 34.000 millones",
  "url": "https://urgent.news/2026/08/21/monte-dei-paschi-lanza-ofertas-sobre-banca-generali-y-banco-bpm-por",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-21T08:17:06.000Z",
  "source": {
    "name": "Expansion ES",
    "slug": "expansion-es",
    "url": "https://www.expansion.com/mercados/2026/08/21/6a88089ee5fdeae8128b4587.html"
  },
  "original_language": "es",
  "account": "Monte dei Paschi di Siena (MPS), the world's oldest bank, has launched simultaneous and parallel voluntary tender offers to acquire Banco BPM and Banca Generali for a combined sum of around 34 billion euros. The decision comes as a response to the 30.6 billion euro acquisition proposal made by Intesa Sanpaolo in June. The MPS board approved the tender offers during a meeting chaired by Cesare Bisoni.\n\nThe MPS tender offer for Banco BPM involves a 1.567 exchange ratio for new MPS shares for each existing share, valuing Banco BPM at approximately 25.35 billion euros. Conversely, the offer for Banca Generali sets an exchange ratio of 6.958 new MPS shares for each existing share, estimating Banca Generali's value at around 8.67 billion euros. The tender offer is expected to conclude in mid-February 2027, subject to obtaining regulatory approvals and meeting certain conditions, including a 50% acceptance by MPS shareholders and a minimum acceptance of 50% of the target entity's capital stock.\n\nIf both offers are accepted, MPS shareholders would own approximately 50.1% of the combined group, while Banco BPM shareholders would control 37.2% and Banca Generali shareholders would hold 12.7%. MPS anticipates that the acquisitions will significantly improve profitability and efficiency, with a projected cost-to-income ratio of around 36% in 2025, up from 46% for MPS independently. The bank also expects tangible common return on equity to increase from around 13% in 2025 to over 19% in 2029, and a 11% increase in earnings per share in 2028, considering full realization of synergies. Additionally, the MPS board has decided to propose an extraordinary dividend of 4 billion euros to MPS shareholders, consisting of 1.208 euros in cash and 0.906 euros in Assicurazioni Generali shares.",
  "summary": "Las ofertas pretenden frenar la propuesta de compra de 30.600 millones de euros planteada a MPS el pasado mes de junio por Intesa Sanpaolo, el mayor banco italiano. Leer",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}