Banca Monte dei Paschi di Siena SpA pledged Monday to keep pursuing its twin offers for Banco BPM SpA and Banca Generali SpA even if acquired by Intesa Sanpaolo SpA. The bids are "irrevocable" and not subject to Intesa's takeover, Monte Paschi stated. The offer for Banco BPM implies a 3.4% premium at Sept. 11 prices, while the Banca Generali bid carries a 12.8% premium based on the same date.

CEO Luigi Lovaglio announced the separate bids in August, widely viewed as a defense against Intesa's June takeover proposal. Intesa's offer would strengthen its dominant Italian position, expand wealth and investment banking via Mediobanca SpA, and secure a large minority stake in Assicurazioni Generali SpA. Intesa plans to launch its offer in the fourth quarter pending regulatory approval.

While Monte Paschi's board hasn't formally rejected Intesa's bid, it has questioned the price and asset divestment plans. A shareholder meeting to approve Monte Paschi's strategy is set for Oct. 29. The lender estimates €1.4 billion ($1.6 billion) in pre-tax run-rate synergies annually from the Banco BPM deal and €400 million for Banca Generali.