Monte dei Paschi surges after Intesa's $35 bln bid
BUZZ-Monte dei Paschi surges after Intesa's $35 bln bid Updates share moves, adds details
** Shares in Italian lender Monte dei Paschi di Siena (MPS) BMPS.MI rise more than 10% after Intesa Sanpaolo ISP.MI launches an unsolicited €30.6 billion ($35.24 billion) cash-and-share bid for the smaller rival
** Italy's biggest bank is offering a 12.5% premium to MPS's €8.945 closing price on Friday
** "At face value, the proposed transaction makes long-term strategic sense for Intesa" - RBC
** Intesa shares fall around 4%
** Intesa has also agreed with insurer Unipol UNPI.MI, main investor in BPER Banca EMII.MI, to sell a banking business comprising the MPS brand, if the bid succeeds
** Banco BPM BAMI.MI, amid mounting expectations of an Intesa move, said on Sunday it would seek to open talks with MPS over a potential combination
** RBC adds previous comments by Italian political leaders backing domestic banking consolidation while excluding Intesa are likely to influence the outcome
** MPS shares last up 9.3% after earlier hitting its highest since July 2022. The bank emerged as a key consolidation play in Italy after last year's Mediobanca MDBI.MI acquisition
** Mediobanca shares up around 8% and BPER up over 4%
($1 = 0.8683 euros)
(Reporting by Philippe Leroy Beaulieu in Gdansk)