Intesa Sanpaolo has launched a voluntary public exchange and purchase offer for all ordinary shares of Banca Monte dei Paschi di Siena (MPS). The bank is offering 16 new Intesa shares for every 10 MPS shares tendered, along with a cash payment of €1 per MPS share.

The offer values MPS at a 12.5% premium over the closing price on June 5, 2026, and premiums of 17.4% and 18.7% respectively compared to the volume-weighted average prices over the last three and six months.

Intesa presents this transaction as a strategic step aimed at strengthening its position as a European leader in wealth management, protection, and advisory services, while ensuring sustainable value creation for its stakeholders.

To address antitrust requirements, Intesa Sanpaolo has entered into a binding agreement with Unipol Assicurazioni for the disposal of a banking entity comprising the MPS brand, approximately 635 branches, and most of the central functions necessary for autonomous banking operations, for between €3bn and €3.5bn.

Intesa would notably retain Mediobanca, nearly 625 branches, and activities representing approximately 80% of the combined net income of MPS and Mediobanca in 2025. The transaction is expected to be completed by December 2026, subject to regulatory approvals and the conditions set out in the offer documentation.

Banco BPM lying in wait

This operation comes amid a wave of consolidation within the Italian banking sector. Earlier this weekend, Banco BPM had urged Banca Monte dei Paschi di Siena to discuss a potential "merger of equals," which would create a runner-up to Intesa and overtake Unicredit. MPS completed the acquisition of Mediobanca last September.