ECB clears Intesa Sanpaolo's bid for Monte dei Paschi, assembly vote due 29 October

Regulators clear the first hurdle

The European Central Bank has authorised Intesa Sanpaolo to acquire a direct controlling stake in Monte dei Paschi di Siena (MPS), the central step of its voluntary public exchange offer, known as an OPAS, launched on 8 June. The same approval covers indirect controlling stakes in Wise Dialog Bank, Mediobanca, Mediobanca Premier and Compass Banca, plus a qualified indirect stake in Banca Progetto. The value of these holdings and their subsidiaries exceeds 10% of the consolidated own funds of the Intesa Sanpaolo banking group. On the same day, the Bank of Italy granted a parallel preventive authorisation for indirect controlling stakes in Monte Paschi Fiduciaria, Spafid, Mbps Leasing, Mbcredit Solutions, Mbfacta and Mediobanca Sgr. It also cleared qualified stakes in Fidi Toscana and in asset management firms of the Generali group.

Generali at the centre of the deal

After the offer, Intesa would hold an indirect stake in Assicurazioni Generali, reported as 13.4% by Handelsblatt and 13.3% by Il Sole 24 Ore. That position comes through MPS, which bought Mediobanca in 2025, and Mediobanca holds the insurer block. Carlo Messina, Intesa's chief executive, says the aim is to stabilise savings in Italy and protect Generali's independence:

“We are able to stabilise savings in our country and secure the independence of Generali, which is no longer scalable once we hold more than 13%.”

Messina also rejected the idea that the deal is about power. He said he is disinterested in power and focused on doing right by shareholders, and that Intesa would share this stake with UniCredit, Delfin, Caltagirone and Benetton without interfering in management. Handelsblatt reports that Intesa agreed to sell half of MPS's branches to the insurer Unipol to address antitrust concerns, and that Unipol plans to combine them with the branches of BPER.

Shareholder vote on 29 October

On Thursday, 29 October, MPS shareholders meet in Siena to vote on two alternative exchange offers the bank launched on Banco BPM and Banca Generali, along with an extraordinary dividend of 4 billion euros. Intesa regards rejection of those measures as a necessary condition for its own offer. Approval requires two-thirds of the votes present. Repubblica estimates attendance at around 70% and reports that 35% has already declared a vote against. Il Sole 24 Ore says a blocking minority close to 40% of the capital makes the outcome practically certain. Banco BPM decided not to deposit its 3.75% stake, citing legal constraints and a conflict of interest, while the Treasury, which holds 4.86%, will be absent.

Treasury (absent)4.86%

Banco BPM (not deposited)3.75%

Treasury (absent)

4.86 %

Banco BPM (not deposited)

3.75 %

Data from the article text

Timing and remaining approvals

Intesa still needs its remaining regulatory approvals, which Il Sole 24 Ore expects by the end of October, before filing the prospectus with Consob. Handelsblatt expects Consob to approve the offer document in early November. Messaggero says the offer could begin in the second half of November regardless of the Antitrust timetable, while Il Sole 24 Ore puts the launch by mid-November if all goes smoothly. Handelsblatt expects the Antitrust decision in the second half of November. Antitrust chief Saverio Valentino said in the week of 19 October that Intesa might have to accept behavioural conditions so that its holding remains a purely financial investment.