Monte dei Paschi di Siena takeover bids impacted by Intesa Sanpaolo bid

Monte dei Paschi di Siena (MPS) is pursuing takeover bids for Banco BPM and Banca Generali using its own shares as currency. The perceived value of these offers has shifted significantly due to a competing takeover bid from Intesa Sanpaolo for MPS.

Following a request from Consob to use price references from June 5, the offers appear less favorable. At those prices, the MPS bids represented a discount of 8.1% for Banco BPM and 3.2% for Banca Generali. However, the recent surge in MPS share prices—driven by Intesa Sanpaolo’s takeover attempt—has made the offers appear more attractive. As of September 11, the same share exchange represents a 3.4% premium for Banco BPM and a 12.8% premium for Banca Generali.

Additionally, Crédit Agricole, the largest shareholder in Banco BPM with a 29.3% stake, has reportedly expressed opposition to the MPS bid, viewing it as insufficient for shareholder value. The French group is instead considering a merger project between Crédit Agricole Italia and Banco BPM.