Intesa Sanpaolo is thinking about filing a complaint with Italy's bourse regulator, CONSOB. This comes after Monte dei Paschi di Siena (MPS) announced two share swap offers worth about €34 billion. These offers target Banco BPM and Banca Generali and are part of MPS's plan to respond to Intesa's unsolicited takeover bid of €30.6 billion, which began in June.
Key Details
MPS's board detailed the financial terms of the public exchange offers on Friday. The offer for Banco BPM is valued at around €25.3 billion. It includes an exchange ratio of 1.567 shares of MPS for each Banco BPM share tendered. The offer for Banca Generali is worth about €8.72 billion, with an exchange ratio of 6.958 MPS shares for each Banca Generali share. This strategy aims to create a stronger entity with a combined value of €80 billion, boosting the shareholder base of the new group.
Background
Intesa Sanpaolo said it is reviewing MPS's communications about these offers. Sources close to the situation report that Intesa's legal team is looking into whether to submit comments to CONSOB. They want to ensure market integrity and provide proper information for shareholders. MPS is currently under the passivity rule. This rule limits it from taking actions that could weaken Intesa's bid without getting shareholder approval.
Related coverage: ICG’s €1.2 Billion Takeover Bid Likely to Fail Before Vote.
These developments could affect the Italian banking sector, especially the share prices of MPS, Banco BPM, and Banca Generali. Investors may respond to the potential restructuring and competition in the market. Keep an eye on MPS's upcoming extraordinary general meeting. Shareholder decisions there could greatly influence the ongoing bids.
Based on reporting by: ansa.it, euronews.com