Intesa Sanpaolo takeover of MPS faces Antitrust investigation

The Italian Antitrust Authority has launched a formal investigation into Intesa Sanpaolo’s €30.6 billion takeover bid for Monte dei Paschi di Siena (MPS). The probe aims to assess the competitive impact of the merger on national and local markets, specifically regarding credit, deposits, asset management, and insurance services.

Key areas of scrutiny include potential overlaps in various provincial markets for banking services and insurance distribution. As part of the proposed deal, an agreement with Unipol involves the divestment of 635 MPS branches, with 190 branches potentially serving as a remedy to maintain competition. The investigation also covers indirect holdings, such as Intesa’s potential 13.2% stake in Generali through MPS and Mediobanca.

The takeover, announced in June 2026, involves an exchange offer where shareholders receive 16 Intesa Sanpaolo shares and €1 in cash for every 10 MPS shares, valuing the offer at approximately €10.09 per share. The Authority will allow both parties to present observations and propose remedies before reaching a final decision.