Intesa Sanpaolo launches €30.6 bn unsolicited bid for Monte dei Paschi, sparking Italian banking shake‑up

Italy’s largest bank, Intesa Sanpaolo, announced an unsolicited cash‑and‑share offer of about €30.6 billion (≈$35 bn) to acquire Monte dei Paschi di Siena (MPS). The proposal includes 1.6 new Intesa shares and €1 cash per MPS share, a 12.5 % premium to the closing price on 5 June, and a plan to sell roughly 635 MPS branches and the brand to insurer Unipol for €3‑3.5 billion while retaining Mediobanca and its 13 % stake in Generali. If completed, the combined entity would become the euro‑zone’s second‑largest bank by market capitalisation (around €126 bn) with projected net profit of over €16 bn by 2029.

At the same time, Banco BPM has submitted a “merger‑of‑equals” proposal to create a new Italian banking group worth about €50 bn, targeting a similar scale. Unipol is also moving to acquire the 635 branches, forming a new Banca Monte dei Paschi and financing the deal with a capital increase of up to €2.5 bn and derivative exposure in BPER. Market reaction saw MPS shares jump 9‑13 % while Intesa fell 2‑3 % and other banks moved variably. Regulators are reviewing antitrust implications as the consolidation could reshape Italy’s banking landscape.