Fondazione MPS to propose supporting Intesa Sanpaolo takeover bid

Riccardo Coppini, President of Fondazione MPS, has announced his intention to propose a positive evaluation of the takeover bid (OPAS) launched by Intesa Sanpaolo for Monte dei Paschi di Siena (MPS). The formal proposal will be presented to the Administrative Deputation on October 23.

This decision marks a significant shift in strategy, as the Foundation moves away from supporting MPS CEO Paolo Lovaglio’s efforts to maintain the bank's autonomy. Coppini stated that the operation holds inherent value for the Foundation as a shareholder and a key economic reference for the Siena region, noting that Intesa Sanpaolo is expected to play a significant role in the local economy and society.

The support for the Intesa Sanpaolo offer is gaining momentum among MPS shareholders. Goldstone Capital Limited, which holds a stake between 1% and 2%, has also expressed its support, stating that the proposal is in the overall interest of shareholders and is preferable to other long-term alternatives.