Monte dei Paschi board rejects Intesa offer, considers Banco BPM

The board of Monte dei Paschi di Siena (MPS) has issued a formal response to Intesa Sanpaolo’s public offer and exchange proposal (OPAS) launched on 8 June, valued at roughly €30 billion. The council judged the offer’s premium – about 12.5% over the pre‑announcement share price – to be well below the sector average of around 30%, and on July 15 calculated a discount of about 3.3% (potentially 6.2% after adjusting for Intesa’s interim dividend). The board highlighted several uncertainties, including antitrust clearance, the impact on MPS’s 13% stake in Assicurazioni Generali, and the risk that the proposed break‑up of the bank’s branch network would weaken its traditional model of local banking.

In parallel, the board signalled openness to the alternative merger proposal from Banco BPM. That plan, according to MPS, would preserve the whole group without dismantling the network, and could create industrial value for both institutions. The council said it will continue to study all strategic options, including the Banco BPM offer, while awaiting further regulatory and shareholder input.