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Intesa Sanpaolo launches a voluntary public purchase and exchange offer for the shares of Banca Monte dei Paschi di Siena.
Intesa Sanpaolo makes this known. Intesa Sanpaolo’s offer on Monte dei Paschi di Siena will concern a maximum of 3,036,151,673 shares of the issuer. The start of the offer is subject to the issuing of prior authorizations. The offer represents a “market operation aimed directly at all the issuer’s shareholders, such as to guarantee them the possibility of being the architects, by adhering to the offer itself, of an aggregation between the offerer and the issuer that allows the full valorisation of the potential of the two groups”, we read in a note
The takeover bid values the shares of the Sienese bank at 10.091 euros each and is structured with a consideration in shares of 1.6 Intesa Sanpaolo shares and a cash component of one euro for each Monte dei Paschi share, with a premium of 12.5% compared to Monte’s official stock market price on 5 June. The maximum overall value of the offer, in the event of full acceptance, will be approximately 30.6 billion euros, we read in a note.
Unipol has signed an agreement with Intesa Sanpaolo for the acquisition of a bank made up of 635 MPS branches
Unipol has signed an agreement with Intesa Sanpaolo for the acquisition of a bank made up of 635 MPS branches once the takeover bid launched by Ca’ de Sass on Monte dei Paschi has been completed. The company chaired by Carlo Cimbri, we read in a note, will propose to Bper, of which it is the main shareholder, a combination between Bper itself and the bank sold by Intesa, with the post-merger group taking the name Banca Monte dei Paschi. To support the operation, we read in a note, a capital increase of Unipol Assicurazioni of up to €2.5 billion is expected.
An operation like the one between Intesa Sanpaolo and MPS represents “a key strategic opportunity in the Italian and European banking landscape thanks to the achievement of high synergies that combine scale, complementarity and low execution risk”, highlights Intesa Sanpaolo. An operation which will also have the aim of consolidating the main business areas of the two groups, in particular: wealth management, protection & advisory, corporate & investment banking, retail & commercial banking and consumer finance”, we read in a note.
The board of directors of Intesa Sanpaolo, following the decision to promote the offer on MPS, approved the purchase of 3.01% of Generali and the signing with a primary financial counterparty of a hedging derivative contract having the same shareholding as underlying.
Intesa Sanpaolo expects that the group resulting from the operation with MPS will be able to distribute approximately 61 billion euros for 2025-2029 compared to the approximately 50 billion envisaged in the 2026-2029 Business Plan, with an extraordinary cash distribution for 2026-2027 of 2.7 billion euros. Confirmation of the distribution policy indicated in Intesa Sanpaolo’s 2026-2029 business plan is expected, which provides for a payout ratio of 95%, referring to net accounting profit, for each year of 2026-2029, of which 75% from cash dividends and 20% from buybacks, and further distributions to be evaluated year by year starting from 2027.