Intesa Gets Green Light From Italian Markets Regulator for Monte Dei Paschi Bid
By Michael Hennessey
Intesa Sanpaolo received approval from Italian markets regulator Consob to buy smaller peer Banca Monte dei Paschi di Siena, with the 35.04 billion euro ($39.05 billion) takeover offer set to launch later this month.
Consob on Sunday approved Intesa's offer document to buy Monte dei Paschi, which is widely considered to be the world's oldest bank still in operation.
The acceptance period for Intesa's bid will start on Nov. 24 and end on Jan. 22, unless it is extended.
On the fifth trading day after the acceptance period closes, which would be Jan. 29, Intesa will pay each Monte dei Paschi shareholder 1.25 euros in cash and 1.664 of its shares for each Monte dei Paschi share.
The bid values Monte dei Paschi at around 35.04 billion euros based on Friday's closing prices. Intesa has a market capitalization of around 107.78 billion euros.
Monte dei Paschi had been looking to fend off Intesa's offer. However, its plans were upended last month when shareholders overwhelmingly rejected twin bids to buy Banca Generali and Banco BPM, proposed by Chief Executive Officer Luigi Lovaglio in an attempt to thwart Intesa's takeover.
Despite previous statements of opposition, Monte dei Paschi hasn't formally endorsed or rejected Intesa's offer yet.
The bank said on Friday that it is still analyzing the offer, a review that it aims to finish by the end of this month--in line with Intesa's timeline.
Write to Michael Hennessey at michael.hennessey@wsj.com
(END) Dow Jones Newswires
November 09, 2026 02:15 ET (07:15 GMT)
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