Intesa Sweetens Monte dei Paschi Bid to $35.3 Billion, But Warns on Rival Deals

By Adria Calatayud

Intesa Sanpaolo sweetened its takeover bid for Banca Monte dei Paschi di Siena to 31.4 billion euros ($35.34 billion), but warned it could pull out if shareholders in its target back rival deals.

Italy's Intesa said Saturday that it would increase the cash component of its cash-and-stock offer by 0.25 euros for each Monte dei Paschi share to a total of 3.8 billion euros, compared with 3 billion euros previously.

When added to the equity component of the bid, this would take the total offer value to 31.4 billion euros, based on Intesa's share price at the time it launched the offer in June. Intesa's original offer was valued at 30.6 billion euros.

On Sunday, Intesa said Delfin, the holding company of Italy's Del Vecchio family and Monte dei Paschi's biggest shareholder, had committed to tender its 17.6% stake to the offer.

The moves show how Italy's biggest banks are playing their cards to prevail in a yearslong wave of dealmaking that is shaking up the sector.

Intesa's offer prompted Monte dei Paschi--widely considered to be the world's oldest bank still in operation--to launch in August its own takeover proposals for peers Banco BPM and Banca Generali, valued together at nearly $40 billion, in a bid to fend off its suitor.

Shareholders in Monte dei Paschi are scheduled to vote on the BPM and Banca Generali bids later this month. Intesa said it would pull its offer if Monte dei Paschi backs the rival deals.

Monte dei Paschi, which previously raised doubts about the price offered by Intesa and risks linked to the offer, didn't respond to a request for comment.

Intesa said the deals proposed by Monte dei Paschi are complex, economically interdependent and uncertain, and would leave the group simultaneously integrating two entities while it is still digesting its recent acquisition of Mediobanca.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

October 05, 2026 03:07 ET (07:07 GMT)