Generali says MPS bid for Banca Generali offers 'growth opportunities'

Intesa Sanpaolo

27/08/2026 18:52

MILAN, Aug 27 (Reuters) - Italy's Generali GASI.MI said on Thursday Monte dei Paschi di Siena's BMPS.MI offer for wealth manager Banca Generali BGN.MI offered "growth opportunities", the first sign of openness to the MPS plan among the parties involved.
Lender MPS last week announced two simultaneous, all-share bids totaling €34 billion ($40 billion) for Banca Generali and rival lender Banco BPM BAMI.MI in a defensive move against a hostile takeover of the Tuscan bank launched by market leader Intesa Sanpaolo ISP.MI in June.
Top insurer Generali controls Banca Generali through a 50.1% stake, making its support essential for any M&A deal involving the firm.
After a board meeting on Thursday, Generali stressed "its willingness to evaluate MPS' proposal, which envisages a broader industrial collaboration to develop new growth opportunities across strategically important business areas for both companies".

GENERALI AND INTESA COMPETE IN LIFE INSURANCE BUSINESS
In recent days, the boards of both Banca Generali and Banco BPM have taken broadly neutral positions on the offers, saying they would assess them in accordance with their legal obligations.
Generali said it has initiated a process to thoroughly evaluate the MPS offer, which it described as "unsolicited" and "not agreed upon in advance". 
Were Intesa ultimately to gain control of MPS, Generali would find itself with Italy's largest bank — a key rival in the domestic life insurance market — as its largest shareholder.  

CREDIT AGRICOLE STILL SILENT ON OFFER FOR BANCO BPM    
Banco BPM's key investor is France's Credit Agricole CAGR.PA, the largest shareholder with just under a 30% stake. 
The French lender, which had opposed a previous Banco BPM proposal to pursue a "merger of equals" with MPS, has so far remained silent on the MPS bid.
Italy is the French group's second largest market through its local arm Credit Agricole Italia.

 (Reporting by Giulio Piovaccari; Editing by Jan Harvey)
 ((giulio.piovaccari@thomsonreuters.com))