Intesa Sanpaolo is planning to open its €33 billion takeover offer for Banca Monte dei Paschi di Siena in the final week of November, according to a Bloomberg report citing people familiar with the matter. Shares in both banks rose 1% in Milan trading after the reported plans, highlighting the potential impact of the deal on Italy’s banking sector.
The tender period is expected to begin during the week of November 23. However, the timetable remains subject to change. Intesa secured the final regulatory authorizations on October 28, triggering a 10-day review period for Italy’s securities regulator, Consob, to approve the offer prospectus.
After receiving Consob’s clearance, Intesa is expected to publish the prospectus and formally invite Monte Paschi shareholders to tender their shares. Antitrust approval is still pending, but it is not required to start the transaction.
The planned timetable follows Monte Paschi shareholders’ rejection last week of a competing standalone strategy proposed by Chief Executive Officer Luigi Lovaglio. More than 90% of votes cast opposed the bank’s plan to acquire Banco BPM and Banca Generali, leaving the Siena-based lender open to Intesa’s offer.
If completed, the transaction would give Intesa control of Monte Paschi and its associated holdings. These include the Tuscan bank’s approximately 86% stake in investment bank Mediobanca and an indirect 13% holding in insurer Assicurazioni Generali.
Sources: Investing.com News.