Monte dei Paschi's profit beats forecasts as Intesa prepares to launch offer
Monte dei Paschi's profit beats forecasts as Intesa prepares to launch offer MILAN, Nov 6 (Reuters) - Italy's third-largest bank, Monte dei Paschi di Siena (MPS) BMPS.MI, on Friday beat analyst expectations with its third-quarter profit as larger rival Intesa Sanpaolo ISP.MI prepares to launch a buyout offer to take it over.
MPS became the target of a €34 billion cash-and-share bid by Intesa in June. Intesa, Italy's biggest bank, will need to break up MPS's branch network to address competition issues
Last week MPS shareholders rejected a defence plan of CEO Luigi Lovaglio after Intesa upped its offer and threatened to walk away, securing the backing of the Tuscan bank's biggest investor, Italy's Del Vecchio family
Net profit in the July-September period rose to €543 million, above a €533 million company-provided analyst consensus forecast
Revenue also topped expectations, at €2 billion
Intesa is expected to kick off the tender phase of its offer in the week of November 23
(Reporting by Valentina Za, editing by Giulia Segreti)
((valentina.za@thomsonreuters.com; +39 02 6612 9526;))
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