Monte dei Paschi makes simultaneous takeover offers worth about 34 billion euros for Banco BPM and Banca Generali

M&A · PartnershipCorporate Action Impact 4
โดย Reuters·IT·Read original
Summary · why it matters

Monte dei Paschi di Siena, one of Italy's largest banks, has made simultaneous all-share takeover offers worth about 34 billion euros for rival Banco BPM and private bank Banca Generali. The move is aimed at fending off a hostile bid launched in June by Intesa Sanpaolo, the country's biggest bank. Monte dei Paschi would issue 1.567 new shares for each Banco BPM share and 6.958 new shares for each Banca Generali share, valuing the two targets at about 25.3 billion euros and 8.7 billion euros respectively. As part of the transaction, Monte dei Paschi is also proposing a special dividend to shareholders worth a total of 4 billion euros. If both deals are completed, they would create Italy's third-largest banking group by assets, with a pro forma balance sheet of about 466 billion euros and total financial assets exceeding 810 billion euros, and estimated annual pre-tax synergies of about 2.6 billion euros. The offers require shareholder and regulatory approval and are expected to be completed by mid-February 2027.

Impact on stocks 3

Financials± Mixed · 3 stocks
Banco Bpm SpA
0RLA
▼ NegativeCapitalrelevance

Banco BPM is the target of a takeover offer, with shares to be exchanged for Monte dei Paschi shares.

Intesa Sanpaolo S.p.A
IES
▼ NegativeCompetitionrelevance

Intesa Sanpaolo's hostile bid for Banco BPM is being fended off by Monte dei Paschi's counter-offer, potentially thwarting its expansion plans.

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