Investing.com -- Intesa Sanpaolo SpA (BIT:ISP) is preparing to initiate its €33 billion ($37 billion) takeover bid for Banca Monte dei Paschi di Siena SpA (BIT:BMPS) during the final week of November, according to a Bloomberg report citing people familiar with the matter. The move sets the stage for a seismic consolidation in Italian banking, sending shares of both institutions up 1% in Milan trading.
The lender intends to open the tender period during the week of November 23, though the sources noted the timetable remains subject to change. The rollout follows Intesa securing final regulatory authorizations on October 28, which activated a 10-day review window for Italian securities regulator Consob to formally approve the offer prospectus.
Once Consob grants clearance, Intesa will publish the document and officially invite Monte Paschi shareholders to tender their shares. While antitrust approval remains pending, the clearance is not a prerequisite for initiating the transaction.
Chief Executive Officer Carlo Messina accelerated the timeline after Monte Paschi shareholders decisively dismantled a competing standalone strategy last week. In an overwhelming show of opposition, more than 90% of votes cast rejected CEO Luigi Lovaglio's proposal to acquire Banco BPM SpA and Banca Generali SpA, leaving the Siena-based bank effectively open to Intesa's advance.
A successful transaction would fundamentally reshape the Italian financial architecture by handing Messina control of both Monte Paschi and its valuable auxiliary holdings. Through the acquisition, Intesa would absorb the Tuscan lender's roughly 86% stake in investment bank Mediobanca along with an indirect 13% holding in insurer Assicurazioni Generali SpA.
Original Article
Intesa plans late November launch for €33 billion Monte Paschi bid - Bloomberg
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