Italy's Intesa gets ECB authorisation to take over Monte dei Paschi
Italy's Intesa gets ECB authorisation to take over Monte dei Paschi MILAN, Oct 27 (Reuters) - Italy's biggest bank Intesa Sanpaolo ISP.MI said on Tuesday it had received the European Central Bank's authorisation to take control of Monte dei Paschi di Siena BMPS.MI, in a major step towards launching its €32 billion ($36 billion) takeover offer.
While widely expected, the ECB's green light represents a key milestone in the approval process for Intesa Sanpaolo's cash-and-share bid.
Attention now turns to Italy's markets regulator, Consob, which should approve the offer document early next month, followed by the country's antitrust authority, whose decision is expected in the second half of November.
($1 = 0.8925 euros)
(Reporting by Valentina Za, editing by Gavin Jones)
((valentina.za@thomsonreuters.com; +39 02 6612 9526;))
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