Intesa Sanpaolo, together with Unipol, launched a public purchase and exchange offer valued at €30.6 billion for the entire share capital of Monte dei Paschi di Siena (MPS). The Italian state still holds a small stake in MPS through the Economy Ministry.
Under the deal, Unipol will propose to Bper a merger with MPS’s Siena branches, creating a new entity called Banca Monte dei Paschi. A capital increase of up to €2.5 billion at Unipol Assicurazioni is planned to support the transaction.
If successful, Intesa Sanpaolo would become the second-largest banking group in Europe by market capitalization. The offer blocks competing bids, including a recent proposal from Banco BPM, under the so-called passivity rule for the duration of the offer, which must be completed by December 2026.
Unipol Chairman Carlo Cimbri dismissed BPM’s friendly merger proposal, saying, "The chances of success for a suitor who thinks he can win over his beloved simply by sending her a letter are slim."
The merger is expected to close in December and will create a banking group with strengthened support for the real and social economy as a European leader.