Intesa’s cash-and-share proposal aims to create the eurozone’s second-largest bank by market value, surpassing Banco BPM’s merger plan.
Intesa Sanpaolo has proposed a €30.6bn ($35bn) cash-and-share offer for Monte dei Paschi di Siena, countering Banco BPM’s merger proposal. The deal would form a banking group with a €126bn market capitalization and a 2029 net income target of €16bn.
Banco BPM had earlier approved talks for a €50bn combination with MPS, which would have positioned it as Italy’s second-largest bank. Intesa’s bid includes an agreement with Unipol to divest 635 MPS branches and the MPS brand to address antitrust concerns.
Monte dei Paschi, rescued by the Italian government in 2017 and privatized in 2023-2024, remains a key target in Italy’s banking consolidation. The bank’s assets, including its stake in Generali, are central to Intesa’s strategy.