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Intesa Sanpaolo increases cash offer for Monte Paschi to €3.8 billion
Intesa Sanpaolo has increased the cash component of its takeover bid for Monte dei Paschi di Siena (MPS) by €800 million, bringing the total cash offer to €3.8 billion. The proposal, structured by CEO Carlo Messina, includes a package of 27.6 billion group shares and is contingent on shareholders rejecting three defensive counter-proposals currently being considered by MPS management.
Major shareholders are increasingly aligning with Intesa Sanpaolo. The Benetton family, through its holding company Edizione, has announced its intention to support the bid with its 1.45% stake. This follows the decision by Delfin, the Del Vecchio family's holding company and MPS's largest shareholder with a 17.5% stake, to vote in favor of the offer. Additionally, the Caltagirone Group has officially declared it will vote against MPS's defensive plans and support Intesa's proposal.
These developments pose significant challenges to MPS CEO Luigi Lovaglio, who has proposed alternative paths including potential mergers or acquisitions involving Banco BPM and Banca Generali. However, Crédit Agricole has already rejected MPS's offer regarding Banco BPM, further complicating the bank's defensive strategy. A decisive assembly scheduled for October 29 will determine the future of the bank.
Entities
Alessandro Benetton · Carlo Messina · Delfin · Edizione · Intesa Sanpaolo · Luigi Lovaglio · Monte dei Paschi di Siena
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Crédit Agricole rejected MPS's offer regarding Banco BPM. www.lanotiziagiornale.it
- [● 3 SOURCES] Delfin holds a 17.5% to 17.6% stake in MPS and intends to support the Intesa Sanpaolo offer. www.radiosienatv.it · www.diarioestrategia.cl · www.lanotiziagiornale.it
- [● 3 SOURCES] The Caltagirone Group will vote against MPS's defensive plans and in favor of Intesa Sanpaolo's offer. ameve.eu · www.radiosienatv.it · www.lanotiziagiornale.it
- [● 2 SOURCES] Edizione, led by Alessandro Benetton, intends to support the Intesa Sanpaolo bid with its 1.45% stake in MPS. www.radiosienatv.it · www.diarioestrategia.cl
- [○ 1 SOURCE] Intesa Sanpaolo increased its cash offer for Monte Paschi by €800 million to a total of €3.8 billion. ameve.eu
- [○ 1 SOURCE] The Intesa Sanpaolo offer includes a package of 27.6 billion group shares. ameve.eu
- [○ 1 SOURCE] The Intesa Sanpaolo takeover is contingent on the rejection of three counter-proposals by MPS management. ameve.eu
- [● 2 SOURCES] A decisive assembly is scheduled for October 29. ameve.eu · www.diarioestrategia.cl