MPS board rejects Intesa Sanpaolo's takeover offer

About six weeks after Intesa Sanpaolo launched its public exchange and purchase offer (OPAS) for Banca Monte dei Paschi di Siena, the MPS board issued a negative opinion on 17 July 2026: the offer, valued at €30.6bn — around €3bn of it in cash and the remainder in shares — was not fully consistent with market valuations or with the bank's profile. The board also pointed to uncertainties in the structure, doubts about the synergies the bidder projects, and the envisaged transfer of an MPS stake to Unipol, which it considers disadvantageous industrially and for the bank's identity. At the same time, without taking a final decision, the board deemed the competing combination proposal from Banco BPM worth examining in depth, because it would not break up the branch network, the business or the historic brand. According to reporting by Milano Finanza on 24 July 2026, MPS and Banco BPM could announce an attempted merger in early August, with the stance of both banks' large shareholders being decisive (https://www.milanofinanza.it/news/mps-banco-bpm-ecco-i-piani-di-lovaglio-e-castagna-per-evitare-l-opas-di-intesa-sanpaolo-202607242029054158). No official merger agreement exists. UPDATE (31 July 2026): The board of Banco BPM unanimously decided to break off merger talks with MPS, saying the conditions for an agreement were not there after no rapprochement had emerged since BPM's letter of 7 June 2026; major shareholder Crédit Agricole (29.3 %) had previously voiced scepticism. Intesa Sanpaolo thus remains the only active bidder for MPS. Update (2 August 2026): Intesa Sanpaolo has called an extraordinary general meeting for 10 September 2026 to approve the capital increase backing the OPAS. The offer values MPS shares at EUR 10.091 each (1.6 Intesa shares plus EUR 1 in cash per MPS share); Intesa CEO Carlo Messina told CNBC Europe he intends to complete the transaction whatever it takes (source: Il Messaggero). Update (5 Oct 2026): On 03.10.2026 Intesa raised its offer to EUR 1.25 in cash per MPS share (share exchange unchanged at 1.6 Intesa shares) and Delfin (17.6%) committed its entire stake (Forbes Italia, 05.10.2026). Update (29 Oct 2026): MPS's extraordinary shareholder meeting rejected both exchange offers (Banco BPM: about 91% against; Banca Generali: about 91% against), the capital reduction for the €4bn special distribution and the merger with Mediobanca (63.6% against; a two-thirds majority was required), clearing the meeting-level obstacle for Intesa's OPAS; regulatory approvals and the acceptance level are still pending (ANSA).