Bidding War Erupts for World’s Oldest Bank as Intesa Sanpaolo Targets Monte dei Paschi
Italy’s Intesa Sanpaolo launched a €30.6 billion unsolicited bid for Monte dei Paschi di Siena (MPS), the world’s oldest bank, countering a rival proposal from Banco BPM. The deal would create the eurozone’s second-largest bank by market value (€126 billion). Intesa plans to sell 635 MPS branches and the MPS brand to address antitrust concerns. MPS, state-rescued in 2017 and re-privatized in 2023, is central to Italian banking consolidation.
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Intesa Sanpaolo's €30.6B Bid for Monte dei Paschi Reshapes European Banking
Intesa Sanpaolo has launched a €30.6 billion bid for Banca Monte dei Paschi di Siena, the world's oldest bank, aiming to create Europe's second-largest bank by market capitalization. The deal includes a 12.5% premium, strategic divestitures to BPER Banca, and would give Intesa a 13.2% stake in Generali, a key insurance player. Integration synergies are forecast near €3 billion, with Intesa's 2029 net income target rising to €16 billion and planned €61 billion in shareholder distributions through 2029. If successful, Intesa and BPER are positioned for multiple expansion, while Generali could re-rate to top-tier insurance peer multiples under aligned strategic ownership. The article is authored by Luca Socci, a Seeking Alpha Investing Group member with a long position in Intesa Sanpaolo shares.
All Articles on Seeking AlphaTwo Italian banks compete to acquire Banca Monte dei Paschi di Siena
The board of Italy's Banca Monte dei Paschi di Siena (MPS), the world's oldest bank, is meeting to consider two competing acquisition proposals. Intesa Sanpaolo, Italy's largest bank, made an unsolicited €30.6 billion ($35.3 billion) offer, valuing MPS shares at €10.09 each, a 12.5% premium. To address antitrust concerns, Intesa has a side deal with insurer Unipol to sell roughly half of MPS's branches and the brand. Banco BPM proposed a merger of equals on Sunday, which would create a lender with €50 billion in market capitalization, though financial terms were not disclosed. Intesa would retain the other half of MPS branches and control of Mediobanca, which MPS acquired in September 2025, giving Intesa a stake in insurer Generali. Intesa CEO Carlo Messina ruled out a full acquisition of Generali.
Yahoo FinanceIntesa Sanpaolo counters Banco BPM with €30.6bn bid for Monte dei Paschi
Intesa Sanpaolo has launched a €30.6 billion cash-and-share bid for Monte dei Paschi di Siena (MPS), countering a merger proposal from Banco BPM. The deal would create the euro zone's second-largest listed banking group by market value after Santander, with a combined market capitalization of €126 billion and a net income target of €16 billion by 2029. To address antitrust concerns, Intesa agreed with insurer Unipol to sell about half of MPS's retail network (635 branches) and the MPS brand. MPS, rescued by the Italian government in 2017 and reprivatized in 2023-2024, is central to Italy's banking consolidation. Earlier, MPS approved a full merger with Mediobanca, making it the largest shareholder in Generali. Banco BPM's board had approved talks for a €50 billion combination with MPS, which would form Italy's second-largest bank ahead of UniCredit. Intesa plans to retain Mediobanca, about 625 MPS branches, and roughly 80% of combined net income.
Yahoo FinanceIntesa Sanpaolo counters Banco BPM with €30.6bn bid for Monte dei Paschi
Intesa Sanpaolo has launched a €30.6 billion cash-and-share bid for Monte dei Paschi di Siena (MPS), countering a previous merger proposal from Banco BPM. The deal would create the euro zone's second-largest listed banking group by market value after Santander, with a combined market capitalization of €126 billion and a net income target of €16 billion by 2029. To address antitrust concerns, Intesa agreed with insurer Unipol to sell about half of MPS's retail network (635 branches) and the MPS brand. MPS, rescued by the Italian government in 2017 and returned to private ownership in 2023-2024, is central to Italy's banking consolidation. Earlier, MPS approved a merger with Mediobanca, making it the largest shareholder in Generali. Banco BPM's board had unanimously approved opening talks for a €50 billion combination with MPS, which would have formed Italy's second-largest bank ahead of UniCredit.
Yahoo FinanceIntesa Sanpaolo counters Banco BPM with €30.6bn bid for Monte dei Paschi
Intesa Sanpaolo has made a €30.6bn cash-and-share offer for Monte dei Paschi di Siena (MPS), countering a previous merger proposal from Banco BPM. If successful, the deal would create the euro zone's second-largest banking group by market value after Santander, with a combined market cap of €126bn and a net income target of €16bn by 2029. To address antitrust concerns, Intesa has agreed with insurer Unipol to sell about half of MPS's retail network (635 branches) and the MPS brand. MPS, rescued by the Italian government in 2017 and returned to private ownership in 2023-2024, is central to Italy's banking consolidation wave. It recently approved a merger with Mediobanca and holds a major stake in Generali. Banco BPM had earlier proposed a €50bn combination with MPS, which would have created Italy's second-largest bank ahead of UniCredit. Intesa's offer includes retaining Mediobanca, about 625 MPS branches, and roughly 80% of MPS and Mediobanca's 2025 net income.
Yahoo FinanceItaly's Intesa Sanpaolo launches unsolicited 30.6 billion euro bid for Monte dei Paschi
Italy's largest bank, Intesa Sanpaolo, has launched an unsolicited 30.6 billion euro takeover bid for its rival, Monte dei Paschi di Siena (MPS). The proposed merger would create the eurozone's second-largest bank by market value, with a combined capitalization of 126 billion euros. The offer includes 635 MPS branches and the MPS brand. The bid, reported by The Business Times on June 8, 2026, represents a major consolidation move in the Italian banking sector, potentially reshaping the competitive landscape in the eurozone.
The Business TimesItaly's top bank Intesa launches unsolicited 30.6 billion euro bid for rival Monte dei Paschi
Italy's largest bank, Intesa Sanpaolo, has launched an unsolicited takeover bid worth 30.6 billion euros for its rival Monte dei Paschi di Siena (MPS). The proposed merger would create the eurozone's second-largest bank by market value, with a combined capitalization of 126 billion euros. The offer includes 635 MPS branches and the MPS brand. The bid, reported by The Business Times on June 8, 2026, marks a significant consolidation move in the Italian banking sector, potentially reshaping the competitive landscape in the eurozone.
The Business TimesBidding war erupts for world’s oldest bank as Italy’s Intesa gatecrashes BPM offer
A bidding war has erupted for Monte dei Paschi di Siena (MPS), the world's oldest bank, as Italy's Intesa Sanpaolo announced an unsolicited $35.3 billion (€30.6 billion) offer on Monday, aiming to outbid rival Banco BPM. Intesa's offer represents a 12.5% premium over MPS's Friday closing price, valuing MPS at €27.4 billion. The move counters BPM's Sunday announcement that its board had approved expressing interest in a 'merger of equals' with MPS, though details were scarce. MPS, bailed out by the state in 2017 and re-privatized in 2023, became a consolidation target after buying Mediobanca last year. France's Credit Agricole, BPM's main shareholder, expressed support for the potential merger. Market reaction saw Intesa and BPM shares fall 4% and 1.1% respectively, while MPS shares rose 0.9%.
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