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🇮🇹 Italy /Economy & Trade

Intesa Sanpaolo Launches Takeover Bid for Banca Monte dei Paschi di Siena, MPS Shares Soar

From ANSA · () Italian

Translated from Italian, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Intesa Sanpaolo has launched a voluntary takeover bid for all shares of Banca Monte dei Paschi di Siena (MPS).
  • The offer, valued at approximately 30.6 billion euros, is conditional on obtaining prior regulatory approvals.
  • MPS shares surged 10% on the news, while other Italian banks saw mixed reactions in early trading.

Intesa Sanpaolo has launched a voluntary, total public takeover and exchange offer for all shares of Banca Monte dei Paschi di Siena (MPS), according to a statement from Intesa Sanpaolo. The offer targets a maximum of 3,036,151,673 MPS shares and is contingent upon receiving prior regulatory authorizations.

The offer aims to provide MPS shareholders with an opportunity to participate in a merger that Intesa Sanpaolo believes will fully realize the potential of both banking groups. This move comes amidst a competitive landscape where Banco BPM and Intesa Sanpaolo, in partnership with Bper, have been vying for control of MPS.

L'offerta rappresenta un'operazione di "mercato rivolta direttamente a tutti gli "azionisti dell'emittente, tale da garantire loro la possibilità di essere gli artefici, con l'adesione all'offerta stessa, di un'aggregazione tra l'offerente e l'emittente che permetta la piena valorizzazione delle potenzialità dei due gruppi

— Intesa SanpaoloThe company describes the nature and goals of its takeover offer for MPS.

In response to the announcement, MPS shares soared 10% at the market open, reaching 9.85 euros. Mediobanca also saw a significant rise of 9.5% to 23.71 euros. Generali's stock increased by 2.5% to 39.82 euros, while Bper also gained 2.5%. Conversely, Intesa Sanpaolo's shares dipped 3%, and Unipol fell 1.6% to 20.53 euros, as Unipol is expected to support a capital increase of 2.5 billion euros for its acquisition of MPS branches.

The offer values MPS shares at 10.091 euros each, structured as 1.6 Intesa Sanpaolo shares plus one euro in cash per MPS share, representing a 12.5% premium over MPS's closing price on June 5. The total maximum value of the offer, assuming full acceptance, is approximately 30.6 billion euros. Unipol has agreed to acquire 635 MPS branches post-merger, forming a new entity potentially named Banca Monte dei Paschi, in combination with Bper.

Una operazione come quella tra Intesa Sanpaolo e Mps rappresenta "un'opportunità strategica chiave nel panorama bancario italiano ed europeo grazie al raggiungimento di elevate sinergie che coniugano scala, complementarità e basso rischio di esecuzione

— Intesa SanpaoloIntesa Sanpaolo highlights the strategic importance and synergistic benefits of the proposed merger.
DistantNews Editorial

Originally published by ANSA in Italian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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