(Alliance News) - Intesa Sanpaolo and Unipol have launched a EUR30.6 billion public exchange offer for Banca Monte dei Paschi di Siena, intensifying the consolidation of the Italian banking sector and outbidding the integration proposal previously put forward by Banco BPM.
The transaction, as reported on Tuesday by Corriere della Sera, also involves BPER Banca and Assicurazioni Generali, aiming to reshape the balance of power within the national financial landscape.
The offer consists of 1.6 new Intesa Sanpaolo shares plus a cash component of EUR1 for every MPS share. According to the group led by Carlo Messina, the merger would create the Eurozone's second-largest banking group by market capitalization, targeting EUR16 billion in profit by 2029, approximately EUR61 billion in shareholder distributions, and a customer base of 20 million.
Upon completion of the deal, Intesa Sanpaolo would retain 625 branches, control of Mediobanca and its wealth management and investment banking operations, as well as a 13.2% stake in Generali. The group also plans to build an additional 3% position in the insurer through financial instruments.
Unipol, meanwhile, would acquire the MPS legal entity and 635 branches destined for transfer to BPER Banca. Under this scenario, BPER would adopt the 'Banca Monte dei Paschi' brand, dropping the 'di Siena' suffix, to become Italy's second-largest operator by branch count.
The board of directors of MPS is set to review both the unsolicited proposal from Banco BPM and the voluntary exchange offer from Intesa Sanpaolo, supported by advisors from Bank of America, UBS, and BonelliErede.
The news bolstered the shares involved on Piazza Affari: MPS closed up 12.9%, Mediobanca rose 11.9%, BPER Banca gained 5.1%, Unipol climbed 4.5%, and Generali added 2.8%. Conversely, Intesa Sanpaolo shares fell 1.3%, while UniCredit slipped 2%.
By Antonio Di Giorgio, Alliance News reporter
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