< Back to all clusters
[BUSINESS] · Italy · 42 sources

started · updated

Intesa Sanpaolo raises MPS takeover bid to 31.4 billion euros

Intesa Sanpaolo has increased its takeover bid for Monte dei Paschi di Siena (MPS), raising the cash component by 25 cents per share to a total of 1.25 euros per share. In the event of full participation, the total value of the transaction is estimated at 31.4 billion euros, consisting of 27.6 billion euros in shares and 3.8 billion euros in cash.

Intesa Sanpaolo has issued an ultimatum regarding the alternative plan proposed by MPS management. The takeover bid will be rendered ineffective if the MPS assembly on October 29 approves specific agenda items, including the acquisition of Banco BPM and Banca Generali or a capital reduction for dividend distribution. Intesa Sanpaolo maintains that the current MPS project offers no adequate premium and instead presents a discount to shareholders.

In a significant development, the holding company Delfin has committed to support the Intesa Sanpaolo bid. Delfin intends to tender its entire stake of 534,676,825 shares, representing 17.6% of MPS capital, and has pledged to vote in a manner consistent with the terms of the offer during the upcoming assembly.

Entities

Banca Generali · Banca Monte dei Paschi di Siena · Banco BPM · Carlo Messina · Delfin · Intesa Sanpaolo · Luigi Lovaglio · Monte dei Paschi di Siena

Claims

What the coverage asserts, and how many sources carry each claim.

Sources