Banca Monte dei Paschi di Siena SpA is seeking to acquire two separate banks for a combined value of €34 billion ($40 billion) in a defensive move to prevent a takeover by rival Intesa Sanpaolo SpA. The Italian lender announced an all-share bid for Banco BPM SpA valuing it at €25.3 billion and a separate offer for Banca Generali SpA valued at €8.7 billion, according to a statement released Friday.

The dual acquisition strategy represents a bold countermove by the Siena-based bank, which has been restructuring since its state bailout. By pursuing both targets simultaneously, Monte dei Paschi aims to create a larger, more resilient entity that would be difficult for Intesa Sanpaolo to absorb. The all-share structure preserves cash while offering shareholders of the target banks equity in the combined group.

Bloomberg News had earlier reported the potential deals, which were confirmed by the official statement. The transactions would significantly reshape Italy's banking landscape, consolidating three mid-sized institutions into a single national champion. Regulatory approval and shareholder acceptance remain key hurdles for the ambitious plan.