Monte dei Paschi Board Approves Dual Exchange Offers
Usagevpn.com – On Thursday, the Monte dei Paschi board approves two separate public exchange offers targeting Banco Bpm and Banca Generali, a move that immediately reshapes Italy’s already volatile banking consolidation landscape. Championed by chief executive Luigi Lovaglio, the strategy gives Mps shareholders an industrial alternative to the roughly 30.5-billion-euro tender-and-exchange offer (Opas) that Intesa Sanpaolo has tabled to take majority control of the Siena-based lender.
The decision crystallised at the end of an extraordinary seven-hour session of the Rocca Salimbeni board. Nine directors backed Lovaglio’s blueprint; four abstained. No director voted against, yet the outcome stopped short of a unanimous mandate. Each approved offer will be settled exclusively in Mps equity, one directed at Banco Bpm and the other at Banca Generali, the latter controlled by Assicurazioni Generali.
Countering Intesa Sanpaolo’s Takeover Bid
The twin offers are explicitly framed as a defensive countermeasure. Under Intesa Sanpaolo’s Opas, the Turin-based group would assume majority control of Mps through a direct appeal to its shareholders. By charting its own consolidation path, the Monte dei Paschi board approves a route that preserves institutional independence while scaling the bank’s footprint within Italy’s financial architecture. The stated aim is to forge a larger group carrying greater systemic weight, giving the Siena institution a durable competitive position rather than reducing it to a subsidiary of another major player.
Complicating the Banco Bpm leg is the fact that Mps’s proposed exchange offer has not been agreed with the target bank’s own management. That absence of a negotiated framework adds friction to an already multi-front confrontation among major shareholders. Crédit Agricole, which holds a significant stake in Banco Bpm, declined to comment on the decision, as the French lender told news agency Ansa. Banca Generali, too, had issued no public reaction following the green light from Siena.
Political Voices Enter the Arena
The vote quickly drew political commentary. Deputy prime minister and League leader Matteo Salvini framed the episode through the lens of institutional heritage and regional identity.
“We are closely following the proposals for a future overhaul of the Italian banking system,” Salvini said in a statement.
He went further, claiming credit for the League’s role in the earlier rescue and relaunch of Mps.
“We enthusiastically took part in the rescue of Monte dei Paschi, one of the new government’s first measures, restoring lustre to a historic name that had become a symbol of mismanagement by the left in Tuscany. Seeing it return to centre stage in Italy’s economy is a success of which, as the League, we can only be proud,” the deputy premier said.
Salvini stressed the imperative to protect “the history, autonomy and staff” of institutions such as the Siena bank, describing them as “symbols of the industriousness of cities with centuries-old traditions.”
From the opposite flank, Italia Viva senator Ivan Scalfarotto attacked the Meloni government’s posture in what he characterised as a banking merger game. He called the executive’s stance “absurd and inexplicable,” accusing it of intervening simultaneously in the UniCredit–Banco Bpm transaction and in Intesa Sanpaolo’s Opas on Mps while urging a strictly neutral governmental position.
“We have reached the point of madness, whereby in just a few months the government has gone on the attack against both CEOs of the two most important banks in the country. We are not cheerleaders, we believe in the market: the numbers are what counts, let the best win,” Scalfarotto said.
“We are not concerned about the future of Orcel, Messina, Lovaglio or Donner; what matters to us is that the government stays out of these games. We are calling for government neutrality, and yet once again Meloni’s people are forcing their way into financial battles from which they should stay away,” the senator added.
Market Response on Piazza Affari
Traders on Milan’s stock exchange absorbed the news with measured optimism. By Thursday’s close, the FTSE MIB benchmark had edged up a cautious 0.35 percent. Mps shares themselves gained 1.05 percent, while Banco Bpm ticked higher by 0.21 percent. Banca Generali traded broadly flat, reflecting the absence of a negotiated framework on that side of the equation.
Frequently Asked Questions
What exactly did the Monte dei Paschi board approves in its Thursday vote? Two separate public exchange offers, each settled in Mps equity: one aimed at Banco Bpm and the other at Banca Generali. The vote passed nine-to-zero with four abstentions.
How does this relate to Intesa Sanpaolo’s existing bid? Intesa Sanpaolo has already tabled a roughly 30.5-billion-euro Opas to take majority control of Mps. The dual exchange offers are positioned as a defensive alternative, giving Mps shareholders a choice between remaining independent under a larger consolidated group or accepting Intesa’s takeover terms.
Has Banco Bpm or Banca Generali agreed to the exchange offers? No. The Banco Bpm offer has not been agreed with that bank’s management, and Banca Generali has issued no public reaction. Both counterparties remain outside the negotiated framework, adding uncertainty to the timeline.
What role is the Italian government playing? Deputy PM Matteo Salvini publicly backed the move, citing institutional heritage. Senator Ivan Scalfarotto (Italia Viva) criticised the government for intervening in multiple banking transactions simultaneously and called for strict neutrality.
