Intesa has scope to raise cash in BMPS bid in Italy banking fight, KBW says

Intesa Sanpaolo

09/06/2026 11:11

** Contenders for Banca Monte dei Paschi di Siena BMPS.MI could raise their offers, KBW says, highlighting scope for a higher valuation as Italy's banking M&A battle intensifies
** Intesa Sanpaolo's ISP.MI bid appears aggressive on cost synergies, the broker notes, seeing room for the country's biggest lender to increase the cash component, potentially lifting its implied valuation to around €11 per share
** BMPS shares have since Monday traded at roughly a 2% premium to the value implied by Intesa's offer, indicating expectations of a possible improved deal
** "ISP still has room to raise the offer with more cash," KBW analysts Hugo Cruz and Ben Maher write, noting that estimated EPS accretion of only 2%, net of revenue synergies, leaves little room for Intesa to issue more shares
** Intesa is offering 1.6 of its own shares for each BMPS share plus €1 in cash, valuing BMPS at slightly above €10 per share; BMPS last traded at €10.4 and Intesa at €5.7
** Banco BPM BAMI.MI could also match a similar level if it launches a competing offer, KBW says, despite having less room for cost synergies than Intesa

(Reporting by Danilo Masoni)
((Danilo.Masoni@tr.com; Reuters Messaging: danilo.masoni.thomsonreuters.com@reuters.net/))