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[BUSINESS] · Italy · 37 sources

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Monte dei Paschi di Siena launches 34 billion euro takeover bid

Monte dei Paschi di Siena (MPS) has approved a strategic counter-offensive to prevent its potential acquisition by Intesa Sanpaolo. The bank has launched two simultaneous voluntary public exchange offers for Banco BPM and Banca Generali, with a combined estimated value of approximately 34 billion euros.

The offer for Banco BPM is valued at 25.35 billion euros, while the offer for Banca Generali is valued at approximately 8.72 billion euros. MPS aims to use these acquisitions, alongside its recent integration of Mediobanca, to create a major independent Italian banking group capable of competing with Intesa Sanpaolo and UniCredit.

Financial analysts and international media have reacted with skepticism. The Financial Times described the strategy as “bizarre” and “magical thinking,” noting the extreme complexity of attempting a four-way merger and criticizing the relatively low premiums offered to the target companies. S&P Global Ratings acknowledged the industrial logic but warned of high execution risks. The proposed timeline suggests the process could begin in late 2026 and conclude by February 2027, pending regulatory approval and shareholder votes.

Entities

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

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