Intesa Sanpaolo Raises Cash Part of Its MPS Bid to 1.25 Euros Per Share
On the evening of 3 October 2026, the board of Intesa Sanpaolo, meeting in extraordinary session, raised its voluntary public tender and exchange offer (OPAS) for Banca Monte dei Paschi di Siena: the cash component rose by 25 cents, from 1 euro to 1.25 euros for each MPS share tendered. The exchange ratio was left unchanged at 1.6 newly issued Intesa Sanpaolo shares per MPS share.
Market calculations put the total value of the improved offer at about 31.4 billion euros, of which about 3.8 billion euros in cash. At the close on 2 October, MPS shares stood at 11.278 euros and Intesa at 6.328 euros, and the original offer had stood at a discount of about 1.36 percent to the market price; with the higher cash component, the revised offer moved to a premium of about 0.86 percent. Intesa had announced the offer for all MPS ordinary shares on 8 June, and the transaction has since been the central thread of Italian banking consolidation.
The increase came with an explicit condition. Intesa said that if the MPS shareholders' meeting on 29 October approved any one of items 3, 4 or 5 on its agenda — the exchange offers promoted by MPS management for Banco BPM and for Banca Generali, or the voluntary capital reduction intended to fund an extraordinary dividend — it would not waive the offer's conditions and the bid, including the increase, would become ineffective.
MPS chief executive Luigi Lovaglio had previously set out an alternative plan under which MPS would itself launch two exchange offers, for Banco BPM and Banca Generali, with an announced combined value of about 34 billion euros. In its statement, Intesa said its own offer delivers certain, immediate and sustainable value for MPS shareholders, and questioned the premium, synergies and execution risks of the alternative project.
The MPS meeting on 29 October thus becomes the decisive step for the transaction: shareholders will vote on management's alternative expansion plan, and that vote will also determine whether the Intesa offer can proceed.
Sources: Intesa Sanpaolo statement of 3 October 2026 (published by ReteFin and Informazione.news); ANSA and market data (analysis published by Economia Italia, 5 October 2026); La Mia Finanza, October 2026.
Published by GSM · USA (original Chinese edition)
Photo: 锡耶纳萨林贝尼宫，锡耶纳牧山银行总部所在地。摄影：Ray in Manila，CC BY 2.0，来源：Wikimedia Commons（Palazzo Salimbeni, Siena, Headquarters of Monte dei Paschi di Siena, the worlds oldest surviving bank.jpg）
