Intesa Sanpaolo publishes offer for Monte dei Paschi, acceptance from 24 November

Offer timetable

Intesa Sanpaolo has published the offer document, the acceptance form and the prospectus for its offer on Monte dei Paschi di Siena (MPS), known as an Opas. The publication follows the approval given by Consob on 8 November 2026. Shareholders can tender their shares from 24 November 2026 until 22 January 2027, although that period may be extended. Payment for tendered shares is scheduled for 29 January 2027.

Price, control threshold and synergies

For each MPS share tendered, Intesa offers 1.250 euros in cash and 1.664 newly issued Intesa ordinary shares. Il Messaggero reports that the exchange ratio was raised from an initial 1.6 to offset the detachment of Ca' de Sass's 2026 interim dividend. If every shareholder accepted, Intesa would issue more than 5.05 billion new shares, about 22.6% of the capital after the increase. The offer aims at 66.67% of MPS capital, but Intesa may waive that minimum and proceed with 50% plus one share, enough to control the shareholders' meeting and appoint the board majority. Synergies of about 2.9 billion euros a year pre-tax by 2029 remain confirmed under the lower threshold, according to the document. Il Giornale values the offer at 34.3 billion euros, while Il Messaggero gives 34.5 billion.

Higher revenues1.4

Cost reductions1.5

Higher revenues

1.4 billion euros per year

Cost reductions

1.5 billion euros per year

Data from the article text

Mediobanca, Generali and Axa

MPS shareholders did not approve the merger with Mediobanca, so Intesa plans a mandatory cascade offer on Mediobanca as well. Il Giornale reports that the consideration for that offer would be 2.45 times the MPS offer, applying the exchange ratio foreseen for the merger. Intesa would keep Generali as a non-controlling investment, valued at equity, and would name only a minority of independent directors without delegated powers. Intesa also intends to review and possibly end the bancassurance agreements between MPS and AXA in life and non-life business, bringing both companies within its own insurance perimeter.

Antitrust, NewBank and jobs

The antitrust decision on the operation will come after the offer goes live, according to Il Messaggero. To address antitrust concerns, Intesa would sell the NewBank unit to Unipol for 3.5 billion euros. NewBank comprises 635 branches, 56 billion euros in deposits, 42 billion euros in loans and the central offices in Siena, including Rocca Salimbeni. Unipol would then contribute it to Bper, creating an operator with more than 2,600 branches under the Montepaschi brand. The prospectus says the offer will not lead to involuntary job cuts, with staffing changes handled through generational turnover.

Banco BPM and the government

Il Giornale also reports a separate question over Banco BPM, where Crédit Agricole Italia has proposed an integration. The French group would need the support of the other shareholders and would have to pass a review by the government, which may consider using Golden Power powers. That question is to be addressed in the coming weeks. Prime Minister Giorgia Meloni said on 10 November:

“We are doing what the law requires us to do to defend the national interest.”

Meloni added that the same approach would apply to all parties in future decisions.