Monte dei Paschi locks in acquisition bids despite Intesa takeover threat

The statement, issued at the request of Italian market regulator Consob following a formal complaint from Intesa, clarifies that the all-share bids for Banco BPM and the wealth manager Banca Generali were not designed to be conditional on the failure of Intesa's hostile pursuit. MPS maintains that these offers are irrevocable, meaning a takeover by the market leader would not automatically terminate the ongoing acquisition process.

Internal valuations reveal the bids represent a discount to current market prices when adjusted for the surge in MPS stock following Intesa’s initial takeover proposal. While MPS shareholders are scheduled to vote on the acquisition plan on October 29, the timeline remains tight. Intesa has already secured shareholder approval and aims to finalize its tender offer by December 31. Should Intesa conclude its acquisition before MPS initiates its own tender phase, industry insiders suggest the path to halting the rival bids would become significantly easier for the new management.