Intesa Sanpaolo

Shareholders of Monte dei Paschi di Siena are likely to reject CEO Luigi Lovaglio's defensive plan, clearing the way for Intesa Sanpaolo's takeover offer. Intesa plans to take over the brand, central functions and parts of Mediobanca's business and to divest branches and parts of MPS to Unipol and BPER to meet antitrust requirements. The roughly €31.4 billion deal would cement Intesa as the dominant Italian bank and is seen as the pinnacle of the ongoing consolidation wave, serving as a model for potential European megabanks. » More on handelsblatt.com

At Monte dei Paschi di Siena's shareholders' meeting, MPS chief Luigi Lovaglio's plan to acquire two banks is likely to fail, clearing the way for Intesa Sanpaolo's bid. Intesa is offering about €31.4 billion in cash and stock and plans to take on the brand, branches and central functions while divesting stakes in Unipol and BPER to satisfy antitrust requirements. The deal would push forward the ongoing consolidation wave in the Italian banking sector and is seen as a potential model for cross‑border megabanks in Europe. » More on handelsblatt.com

The European Central Bank approved Intesa Sanpaolo’s takeover offer for Monte dei Paschi di Siena and the indirect control of Mediobanca, a decisive step for the €32 billion plan. Next steps include approval of the offer document by markets regulator Consob and an antitrust decision, expected in the second half of November. Intesa has offered to sell half of MPS’s branches to insurer Unipol; the antitrust authority is also examining the transaction’s effects on the insurance market and possible remedies related to the stake in Assicurazioni Generali. » More on handelsblatt.com