Business · Companies · 2 hrs ago
Intesa Sanpaolo approves capital increase to support MPS offer
Intesa Sanpaolo approved a capital increase to support its voluntary offer for all ordinary shares of Banca Monte dei Paschi di Siena, or MPS.
The offer is a mix of a purchase and an exchange of shares.
The capital increase will allow Intesa to issue shares for MPS shares tendered in the offer, and regulators have allowed those new shares to count toward its core capital.
MPS’s historic foundation plans to back the offer, and will put that proposal to its governing body on October 23; it holds about 0.2% of MPS.
MPS shareholders face a key vote on October 29 on other deals and payments proposed by the bank’s management.
Intesa’s offer depends on those proposals not being approved, according to the conditions described for the offer.
The outcome will depend on the foundation’s decision and the votes at the MPS meeting.
Intesa Sanpaolo’s board approved a paid capital increase to support its voluntary public exchange offer for all ordinary shares of Banca Monte dei Paschi di Siena (MPS).
The board acted on 19 October under authority granted by an extraordinary shareholders’ meeting on 10 September 2026.
The increase will be served by MPS shares tendered into the offer, and Intesa said the shares to be issued have been authorized for inclusion in its Common Equity Tier 1 capital.
MPS’s board has described Intesa’s offer consideration as insufficient.
The MPS Foundation said it would propose a positive assessment of the offer and an intention to tender its shares.
- Who
- Intesa Sanpaolo’s board approved the capital increase. The offer is for MPS shareholders.
- What
- Intesa approved a capital increase to support its voluntary public exchange offer for all MPS ordinary shares.
- When
- 19 October 2026.
- Where
- Not stated.
- Why
- To provide shares for the offer in exchange for MPS shares tendered by shareholders.
Intesa Sanpaolo
MPS board
Offer value
Intesa Sanpaolo
Intesa is pursuing an offer for all MPS ordinary shares and raised its cash component to €1.25 per share on 3 October.
MPS board
MPS’s board has said the offer consideration remains insufficient.
Intesa’s extraordinary shareholders’ meeting granted authority for the capital increase.
Intesa raised the offer’s cash component from €1 to €1.25 per share.
The MPS Foundation announced its intention to propose a positive assessment of the offer, and Goldstone Capital announced its support.
Intesa’s board approved the capital increase to support the offer.
The MPS Foundation’s administrative committee is scheduled to consider the proposal to support and tender into the offer.
MPS shareholders are due to vote on proposed operations and related capital measures.
- Offer target
- All ordinary shares of Banca Monte dei Paschi di Siena
- Capital increase approval
- 19 October 2026
- Authority for increase
- Intesa shareholders’ meeting, 10 September 2026
- Offer cash component
- €1.25 per share, raised from €1 on 3 October
- MPS Foundation stake
- Around 0.2%
- Goldstone stake
- Between 1% and 2% of MPS capital according to financial sources cited by Milano Finanza
3 sources
What people are saying
also in light of the technical analyses requested and following the meeting of the steering committee, he will bring to the meeting of the administrative committee called for next 23 October the proposal to express a positive assessment of the offer and the consequent intention to tender into the offer
in the overall interest of shareholders