Intesa Sanpaolo

The Italian competition authority has opened a review of Intesa Sanpaolo’s €31 billion takeover offer for Banca Monte dei Paschi di Siena. It is investigating possible effects on competition in the banking and insurance markets. Intesa submitted the offer in June in cash and stock, Monte dei Paschi is reviewing options to preserve its independence; both shares saw small gains. » More on finanzen.net

The Italian competition authority is examining Intesa Sanpaolo's €31 billion takeover offer for Banca Monte dei Paschi di Siena for possible effects on the banking and insurance market. Intesa had tabled the offer in June in cash and shares; Monte dei Paschi reviewed options in August to preserve its independence. A statement from the banks involved has not yet been released. » More on finanzen.net

Intesa Sanpaolo shareholders voted 96.96% in favor of a capital increase to support the voluntary takeover-and-exchange offer for Monte dei Paschi di Siena, a key step to implement the transaction announced in June. CEO Carlo Messina stressed the merger is meant to create a stronger banking group and reach more than 27 million customers, around €2 trillion in assets under management and over €16 billion in net profit by 2029. The project integrates Mediobanca, foresees possible participation by Unipol and includes acquiring a financial stake in Assicurazioni Generali. Intesa also plans roughly 13,100 new hires by 2029 to support growth and integration. » More on finanzen.net