Monte dei Paschi di Siena’s board has pushed back against Intesa Sanpaolo’s €30.6bn offer, stating it "undervalues" the Italian banking group. The MPS board indicated the bid was less attractive than its own strategy and carried significant regulatory risk, while leaving the door open to a potential tie-up with Banco BPM.

MPS announced it "intends to deepen the technical analyses in relation to the combination proposal with Banco BPM," believing the rival pitch "deserves a comprehensive and rigorous assessment." Intesa’s offer follows a period of dealmaking reshaping Italian banking, with Banco BPM previously expressing interest in a "merger of equals" with MPS.

Intesa plans to split MPS into two, selling its retail banking operations to Unipol and then to BPER Banca. Intesa would retain other MPS assets, including wealth management operations. Carlo Messina, Intesa’s chief executive, stated the offer price was firm. Italian finance minister Giancarlo Giorgetti indicated Rome would soon divest its remaining 4.8 per cent stake in MPS.