Banca Monte dei Paschi di Siena

Monte dei Paschi's board still considers Intesa's improved offer to be below the average of comparable bids in the Italian banking sector. Intesa raised the cash component by €0.25 per share to a total of €3.8 billion, bringing the offer's total value to €31.4 billion, but the consideration consists largely of Intesa shares. Monte dei Paschi criticizes the shareholder exposure to Intesa and will continue to consider measures to protect value for its shareholders; in August the bank also submitted its own takeover offers for Banco BPM and Banca Generali. » More on finanzen.net

Banca Monte dei Paschi di Siena faces opposition to plans to acquire Banco BPM and Banca Generali from large shareholders, including Francesco Gaetano Caltagirone and majority holder Delfin Sarl. Credit Agricole has also refused to tender its Banco BPM shares to MPS. The stock fell by around 2.5 percent; MPS CEO Luigi Lovaglio had presented the buybacks and a planned special dividend as a strategy to fend off Intesa Sanpaolo’s takeover offer. Shareholders are set to decide on the course of action at an extraordinary general meeting on 29 October. » More on finanzen.net

Rome has suspended the sale of its remaining 4.8% stake in Monte dei Paschi di Siena for the time being and will not place it until the battle for control of the bank is concluded. MPS had put forward a counteroffer of around €34 billion for Banco BPM and Banca Generali to defend itself against a hostile €36 billion bid from Intesa Sanpaolo. The government views Intesa’s plans critically on competition grounds; MPS shareholders will vote on the counteroffers on 29 October, Intesa shareholders on 10 September. » More on handelsblatt.com