Intesa Makes $35 Billion Bid for Monte dei Paschi After BPM Offers Merger Talks
By Adria Calatayud
Intesa Sanpaolo said it launched a 30.66 billion-euro ($35.32 billion) takeover bid for Banca Monte dei Paschi di Siena, shortly after Banco BPM made a rival merger proposal.
The approaches pit Italian banks Intesa and BPM against each other for control of their domestic rival Monte dei Paschi, which is considered the world's oldest bank still in operation, and continue a wave of dealmaking activity in Italy's banking industry.
Intesa said Monday that it offered 16 of its own shares for every 10 Monte dei Paschi shares and 1 euro in cash for every Monte dei Paschi share, valuing the target at 10.091 euros a share based on Friday closing prices. Intesa said the bid represents a 13% premium to Monte dei Paschi's Friday closing price.
The bid came hot on the heels of a rival proposal from BPM, which on Sunday said it had offered Monte dei Paschi to enter into talks for a merger of equals aimed at creating a group with a combined market value of more than 50 billion euros, when including the value of synergies.
Monte dei Paschi didn't immediately respond to a request for comment.
Write to Adria Calatayud at adria.calatayud@wsj.com
Corrections & Amplifications
This article was corrected at 0623 GMT to reflect that Intesa said Monday that it offered 16 of its own shares for every 10 Monte dei Paschi shares and 1 euro in cash for every Monte dei Paschi share. The original article incorrectly said Intesa said Monday that it offered 16 of its own shares and 1 euro in cash for every 10 Monte dei Paschi shares.
(END) Dow Jones Newswires
June 08, 2026 01:34 ET (05:34 GMT)
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