Intesa Sanpaolo launches €30.6bn bid for Monte dei Paschi di Siena

Italian banking group Intesa Sanpaolo has submitted an unsolicited public offer to acquire Monte dei Paschi di Siena (MPS) for about €30.6 billion. The proposal combines 1.6 newly‑issued Intesa shares and €1 cash for each MPS share, valuing the bank at €10.09 per share – a premium of roughly 12.5% to the June 5 price and 17.4% to the three‑month average. If the deal closes, the combined entity would become the euro‑zone’s second‑largest banking group by market capitalisation, behind Spain’s Banco Santander. Intesa plans to split MPS, selling its branches and brand to insurer Unipol while retaining Mediobanca and a stake in Generali to address antitrust concerns.

The announcement moved MPS shares up about 12%, while Intesa’s own stock fell roughly 4.5% and Generali rose 2.8%. A board meeting of MPS is scheduled for 22 June, with the possibility of an earlier convening, to assess the offer. Shareholder Pierluigi Tortora, who holds 1.2% of MPS, said he has no prejudice against the proposal but needs further details. The bid follows a parallel merger overture from Banco BPM, which also seeks to create a “national champion” bank.