Bidding war erupts for world’s oldest bank as Italy’s Intesa gatecrashes BPM offer
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- Intesa Sanpaolo made an unsolicited €30.6 billion offer for Monte dei Paschi di Siena, a 12.5 % premium to MPS’s closing price on Friday.
- Banco BPM announced a “merger of equals” plan, seeking equal weight for both groups in a combined entity.
- Monte dei Paschi di Siena is valued at €27.4 billion and was re‑privatized in 2023 after a 2017 state bailout.
- Credit Agricole, BPM’s main shareholder, said it is “interested in analyzing value creation opportunities” that could strengthen BPM.
- Shares of Intesa and BPM fell 4 % and 1.1 % respectively, while MPS shares rose 0.9 % in early trade.
Why it matters: Intesa’s bid could make it Europe’s second‑largest bank, while BPM’s share price fell, indicating market skepticism, and MPS’s modest share rise shows limited investor confidence in the deal.
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