Business · Companies · 5 hrs ago
MPS board raises concerns over Intesa offer but presents no alternative plan
Monte dei Paschi di Siena (MPS), an Italian bank, has reviewed an offer from Intesa Sanpaolo after Intesa raised its proposed payment by 25 cents.
Intesa has made its offer conditional on shareholders rejecting an alternative plan put forward by MPS chief executive Luigi Lovaglio.
That plan involves Banco BPM and Banca Generali, while Intesa’s proposal would divide MPS’s activities, including transferring half its branch network to Unipol.
MPS’s board said Intesa’s offer could still be withdrawn and that it depends on regulatory approvals, including an antitrust review.
The board did not announce a new alternative or postpone the MPS shareholder meeting, scheduled for Oct.
29.
At that meeting, shareholders are expected to consider the competing plans and a proposed €4 billion dividend.
MPS warned that shareholders may have to decide before they have full information about Intesa’s offer or certainty that it will be completed.
MPS’s board raised concerns about Intesa Sanpaolo’s revised offer but announced no alternative plan to counter it.
The board said Intesa’s offer offered no certainty that it would be completed and asked shareholders to make decisions amid continuing uncertainty.
MPS said its own proposal involving Banco BPM and Banca Generali would strengthen the bank and create value for shareholders.
The MPS shareholder meeting is scheduled for October 29, where the proposals face opposition from at least one third of shareholders.
The board’s statement drew renewed disagreement within the board, with a minority opposing its contents.
- Who
- MPS’s board and shareholders, and Intesa Sanpaolo.
- What
- MPS’s board criticized aspects of Intesa’s offer but announced no alternative measures to counter it.
- When
- The board met on October 12, 2026. The shareholder meeting is scheduled for October 29.
- Where
- Not stated.
- Why
- Intesa made its offer conditional on shareholders rejecting MPS chief executive Luigi Lovaglio’s alternative plan, prompting MPS to assess the offer and its uncertainties.
MPS board majority
Intesa Sanpaolo
Offer certainty
MPS board majority
The board said Intesa’s offer did not guarantee completion and left shareholders facing uncertainty.
Intesa Sanpaolo
Intesa revised its offer and made its continuation conditional on rejection of Lovaglio’s plan.
Strategic direction
MPS board majority
MPS said its plan involving Banco BPM and Banca Generali would preserve the bank’s identity and create shareholder value.
Intesa Sanpaolo
Intesa’s plan would split MPS’s activities among different ownership and industrial groups.
Offer value
MPS board majority
The MPS board said Intesa’s revised premium remained below the banking-sector average.
Intesa Sanpaolo
Not stated
MPS’s extraordinary board meeting began and lasted about three hours.
The board issued a statement assessing Intesa Sanpaolo’s revised offer but announcing no new measures to counter it.
MPS’s shareholder meeting is scheduled to consider the proposals.
- Intesa offer increase
- 25 cents
- MPS board meeting
- October 12, 2026; began at 18:00 and lasted about three hours
- Shareholder meeting
- Scheduled for October 29
- MPS alternative plan
- Involves Banco BPM and Banca Generali
- Shareholder opposition
- At least one third of MPS shareholders are expected to oppose the proposals
What people are saying
The risk is that shareholders therefore give up the industrial project promoted by MPS, without having the necessary information about the ISP Offer and without certainty that it will subsequently be completed
values Siena’s identity and integrity
presents a solid industrial and economic rationale and was conceived to increase value for shareholders through greater scale, diversified revenue sources and their significant participation in the capital and future value of the resulting group
Sources
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