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2 Italian Banks Vie for Monte Paschi
- On Monday, Intesa Sanpaolo announced a €30.6 billion unsolicited cash-and-share bid to acquire rival lender Banca Monte dei Paschi di Siena, offering a 12.5% premium over Friday's closing share price.
- Banco BPM recently proposed a 'merger of equals' to MPS to create Italy's second-biggest banking group, though MPS has not yet commented on either bid.
- To address antitrust concerns, Intesa struck a preliminary agreement with insurer Unipol to divest 635 MPS branches and the MPS brand if the acquisition succeeds.
- Intesa projects the combined entity would become the euro zone's second-biggest banking group by market value with €126 billion capitalization and a €16 billion net income target by 2029.
- Italian banking consolidation has escalated significantly, with the announcement kicking off a second wave of dealmaking after merger activity last year that positioned MPS as a strategic focal point.
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55 Articles
On this occasion, Intesa Sanpaolo, Italy’s largest bank, announced yesterday its intention to launch a cash offer and shares of around 30.6 billion euros to acquire the entity of equal nationality Monte dei Paschi di Siena Bank (MPS). If the acquisition was closed, the resulting banking group would be the second largest in the Eurozone for stock capitalization. A domestic transaction that follows the forgotten, and failed, operation of BBVA on S…
·Spain
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·New York, United States
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It is a new and big development in the bank ... where Unipol, Generali, BPER Banca and Banco BPM are also involved.
·Italy
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Coverage Details
Total News Sources55
Leaning Left6Leaning Right12Center10Last UpdatedBias Distribution43% Right
Bias Distribution
- 43% of the sources lean Right
43% Right
L 21%
C 36%
R 43%
Factuality
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