Intesa Sanpaolo SpA plans to launch a €33 billion ($37 billion) takeover bid for Banca Monte dei Paschi di Siena SpA by the end of November, according to people familiar with the matter. The bank intends to start the offer in the week of Nov. 23, pending final regulatory approvals. Italy’s biggest bank received the last necessary authorizations on Oct. 28, triggering a 10-day review period by Consob.
Antitrust clearance is still pending but is not required to launch the bid. CEO Carlo Messina is moving forward after Monte Paschi shareholders rejected an alternative strategy proposed by CEO Luigi Lovaglio. Over 90% of votes opposed Lovaglio’s plan to acquire Banco BPM SpA and Banca Generali SpA.
If successful, the bid would reshape Italian finance, giving Messina control of Monte Paschi, Mediobanca (via an 86% stake), and a 13% holding in Assicurazioni Generali SpA. Messina described the rejection as “clear and by a significant margin,” noting “absolute consensus” to proceed with his offer.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing