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    Table: Intesa vs Monte Paschi: Italy's M&A banking battle

    Picture of Intesa Sanpaolo logoIntesa Sanpaolo
    24/08/2026 16:08
    TABLE-Intesa vs Monte Paschi: Italy's M&A banking battle
    MILAN, Aug 24 (Reuters) - A new, complex M&A battle is sweeping through Italy's banking industry after Intesa Sanpaolo ISP.MI in June launched a €30.6 billion ($35.7 billion) hostile cash-and-share bid for Monte dei Paschi di Siena BMPS.MI (MPS), the world's oldest lender. 
    In a defensive move, MPS last week presented two simultaneous all-share bids totalling €34 billion for Banco BPM BAMI.MI and Banca Generali BGN.MI. MPS CEO Luigi Lovaglio is aiming to keep the lender independent and create a large financial group with a market value of around €80 billion, ranking third in Italy and among Europe's top 10 banking institutions.
    Here is a table comparing key aspects of the offers:

    Key Metric
    Intesa Sanpaolo offer for MPS
    MPS offers for Banco BPM and Banca Generali
    Announcement date
    June 8, 2026
    August 21, 2026
    Deal type
    Cash-and-share tender offer
    All-share exchange offer
    Value of offers at announcement date
    €30.6 billion
    €34 billion (€25.3 billion Banco BPM, €8.7 billion Banca Generali) 
    Terms of the offers
    1.6 Intesa shares plus €1 cash for each MPS share
    1.567 MPS shares for each Banco BPM share; 6.958 MPS shares for each Banca Generali share
    Cash pay-out to MPS investors
    €3 billion
    €1 billion (part of an "extraordinary distribution" also including €3 billion in shares of insurer Generali)
    Premium to pre-announcement closing price
    12.5%
    Banco BPM: no premium; Banca Generali: 10%
    Minimum acceptance condition
    66.67% of MPS share capital
    50% plus one share of Banco BPM share capital; 50% plus one share of Banca Generali share capital
    Expected synergies
    €2.9 billion annual pre-tax by 2029
    €2.6 billion annual pre-tax by 2029 (including €0.8 billion synergies from ongoing MPS-Mediobanca merger process)
    Expected cumulative distribution to shareholders
    About €61 billion in 2025-2029 for Intesa shareholders
    Over €15 billion in 2026-2030 for MPS shareholders, on top of €4 billion upfront
    Shareholders meetings for offers' approvals
    September 10, 2026
    October 29, 2026
    ($1 = 0.8571 euros)

     (Reporting by Andrea Mandalà and  Giulio Piovaccari. Editing by Mark Potter)
     ((andrea.mandala@thomsonreuters.com; +390680307738;))

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