Intesa Sanpaolo has announced the launch of a voluntary public takeover and exchange offer for all outstanding shares of Monte dei Paschi di Siena (MPS), in a move set to transform the Italian and European banking landscape. Under the terms of the offer, MPS shareholders would receive 16 newly issued Intesa Sanpaolo shares for every 10 MPS shares tendered, plus a cash payment of €1 per share. According to the bank, the proposal represents a significant premium over both the latest market price and the average trading value recorded in recent months.
The strategic objective of the transaction is to further strengthen Intesa Sanpaolo's leadership in Wealth Management, Protection & Advisory, while creating a more competitive financial group capable of meeting the challenges of an increasingly digital and global banking industry. The deal also includes an agreement with Unipol Assicurazioni for the disposal of the MPS brand, a substantial portion of the branch network, and part of the bank's operating activities. Intesa Sanpaolo would retain Mediobanca and a significant share of the Siena-based group's strategic assets.
According to the bank's projections, the combined entity could become the eurozone's second-largest listed bank by market capitalisation, serving around 20 million customers in Italy and targeting consolidated net profits of more than €16 billion by 2029. The completion of the transaction is expected by the end of the year, while an extraordinary shareholders' meeting scheduled for September 10 will vote on the measures required to finance the operation.