Intesa Sanpaolo bid to buy Monte dei Paschi faces board review on Oct 12

Intesa Sanpaolo’s proposal to acquire Monte dei Paschi di Siena, valued at about €35 billion, will be examined by MPS’s board at a meeting scheduled for Monday, 12 October 2026. The review follows an improved offer from the Italian banking group and growing backing from several large shareholders.

Board meeting and shareholders’ vote

MPS management has been pursuing a defensive strategy to preserve the bank’s independence, proposing its own development and acquisition plan and setting a shareholder vote for 29 October 2026 that requires two‑thirds support to pass. However, shareholders who together hold roughly 30% of the bank’s capital have indicated they will not back the management plan, undermining its prospects and strengthening Intesa Sanpaolo’s position.

Last week Intesa Sanpaolo signalled it was prepared to raise the cash portion of its offer by 25% if Monte dei Paschi shareholders reject the alternative plan put forward by CEO Luigi Lovallo. The original takeover proposal, launched in June, had been valued at €30.6 billion and its worth has moved with Monte dei Paschi’s share price.

The outcome of the board review on 12 October is uncertain: it will consider the latest developments around the bid, but it is not clear whether the board will propose additional measures to block the transaction.

If the takeover is successfully completed, the merged banking group could become the second largest bank in the eurozone by market capitalisation, ranking just behind Spain’s Santander. The deal would mark another milestone in a period of intensified mergers and acquisitions across the Italian banking sector over the past two years.

Photo: Wikipedia/Zairon