Intesa Sanpaolo → Monte dei Paschi
Intesa Sanpaolo, Italy's largest bank, launches a surprise €30.6bn bid for Monte dei Paschi, pre-empting a possible merger with Banco BPM. To clear antitrust it has already agreed to sell ~635 branches to Unipol/BPER.
"Salta o ridotta" (falls through or reduced): offer withdrawn, lapsed, or completed on less than 50% of MPS share capital. Otherwise the offer completes: "Riesce e crea valore" (succeeds and creates value) if the final consideration does not exceed the sealed announced one by more than 10% and approvals impose no structural remedies beyond the branch divestment already agreed at announcement; "Va in porto ma delude" (completes but disappoints) in any other completion case (bump above 10% or additional remedies). Resolution based on official issuer announcements or rulings by the competent authorities (ente/primaria tier sources); the card closes at the first condition met.
Delfin has declared its commitment to tender into Intesa Sanpaolo's offer for Monte dei Paschi, providing significant support to Intesa's bid.
Foreign regulatory approvals required for Intesa Sanpaolo's tender offer on Monte dei Paschi are proceeding smoothly: 75% of the required clearances have already been obtained. This is a concrete and quantified progress in the offer's authorisation process, partially reducing uncertainty on the international approvals front, while the main contest (Italian/European antitrust and the MPS→BPM counter-offer) remains open.
The in-depth probe into Intesa-MPS addresses market overlaps, branch plan, and Generali link.
Consob has requested Monte dei Paschi to recalculate the exchange ratios for its offer on Banco BPM and Banca Generali net of the Intesa effect: the first formal intervention by the Italian regulator on the financial terms of the alternative transaction, adding a layer of regulatory scrutiny to the MPS→BPM process and, indirectly, to the overall deal complexity.
The competing bids for MPS (including MPS's own offer for Banco BPM) have entered Italian antitrust review, as Intesa Sanpaolo's formal filing is said to be imminent. This marks the first official entry of the deal into Italian regulatory proceedings, with both alternatives under simultaneous scrutiny.
Monte dei Paschi launches a €34 billion offer to acquire Banco BPM and Banca Generali. The move, if confirmed, transforms MPS from a passive target of Intesa Sanpaolo's bid into an independent acquirer, structurally complicating the Intesa→MPS deal and raising the risk that the latter falls through or is significantly scaled back.
Advisers for Monte dei Paschi and Banco BPM are reportedly working on an alternative deal that includes a cash component, competing directly with Intesa Sanpaolo's takeover bid. The emergence of a structured rival process materially increases the risk that Intesa's offer fails or requires significant revision.
Monte dei Paschi CEO Luigi Lovaglio publicly stated that he welcomes the expressions of interest received from both Intesa Sanpaolo and Banco BPM, calling MPS a 'top player' and saying that weighing the options on the table is a duty towards shareholders. It is the first public stance taken by MPS management after the tender offer was launched, signalling openness to the process but expressing no preference between the bids.
Monte dei Paschi's board meets on 22 June 2026 to weigh both Intesa Sanpaolo's tender offer and Banco BPM's alternative proposal: the first formal board meeting since the bid was launched, at which MPS management must take an official position on the two options. It is the first significant procedural step after the seal, but the outcome of the meeting is not yet known.