Banca Generali down, market casts doubts over MPS' €8.7 billion bid

Intesa Sanpaolo

21/08/2026 09:26

** Shares in Italy's Banca Generali BGN.MI are down around 2% after Monte dei Paschi BMPS.MI launched takeover bids for the wealth manager and Banco BPM BAMI.MI, prompting scepticism over the complexity of the manoeuvre
** The offer values Banca Generali at €8.7 billion ($10.2 billion) and implies a 10% premium based on Wednesday's closing price
** The move marks MPS' latest attempt at fending off a €36 billion hostile takeover approach launched by sector leader Intesa Sanpaolo ISP.MI in June
** Brokerage Equita says the market is questioning the rationale for insurer Assicurazioni Generali GASI.MI giving up control of the asset manager in exchange for a minority stake in MPS, on top of an overall high execution risk for both transactions
** Equita acts as financial advisor to Intesa Sanpaolo in the context of its tender offer for MPS
** Banca Generali shares closed up 1.3% at €68.2 on Thursday, after touching a record high
** Shares in Banco BPM are down 0.7%, compared with Italy's blue-chip index .FTMIB rising 0.4%
($1 = 0.8551 euros)

(Reporting by Mirko Miorelli)
((Mirko.Miorelli@thomsonreuters.com))