Intesa Sanpaolo launches takeover bid for MPS: a 30.6 billion euro operation

Intesa Sanpaolo has officially launched a public tender and exchange offer (Opas) for Banca Monte dei Paschi di Siena. The operation, announced on June 8, 2026, aims for the total acquisition of the Sienese institute for a maximum value of 30.6 billion euros.

The offer involves mixed consideration: for each Mps share, shareholders will receive 1.6 newly issued Intesa Sanpaolo shares and 1 euro in cash. The overall valuation is 10.091 euros per share, representing a 12.5% premium over the official price as of June 5, 2026.

A central element of the operation is the binding agreement with Unipol, which provides for the sale of a bank derived from Mps with approximately 635 branches for a consideration between 3 and 3.5 billion euros. The remaining 625 branches and part of the central structures will remain under Intesa Sanpaolo.

The offer by Intesa Sanpaolo for Mps arrives at a crucial moment for the Italian banking system and just hours after the merger proposal put forward by Banco Bpm for the Sienese bank. The CEO of Intesa Sanpaolo, Carlo Messina, described Bpm's proposal as a 'love letter,' contrasting it with a 'real' offer like that of his group.

According to Intesa Sanpaolo, the operation represents 'a key strategic opportunity' to strengthen the group's leadership in the wealth management, protection & advisory, corporate & investment banking, and retail banking segments. The integration is considered low-risk in terms of execution, thanks to the group's experience in merger and acquisition operations.

The acquisition profoundly reshapes the Italian banking landscape, consolidating Intesa Sanpaolo's position as the national leader. The structure of the operation, with the transfer of a significant portion of the network to Unipol, aims to obtain the necessary antitrust approvals and manage territorial overlaps.