Intesa Sanpaolo, shareholder meeting for the takeover bid on Monte dei Paschi

Intesa Sanpaolo has convened an extraordinary shareholders' meeting today, Thursday, September 10, 2026, for the most significant operation of the year in the Italian banking sector: the public takeover bid (OPA) for Banca Monte dei Paschi di Siena (MPS). The meeting, which begins at 10 a.m. at the new headquarters in Turin, is tasked with granting the board of directors the authority for a capital increase of 4.86 billion new shares. This increase is intended to finance the equity component of the offer for Monte dei Paschi.

The outcome of the vote, which will take place through a designated representative without the physical presence of shareholders, appears largely a foregone conclusion. Early projections indicate participation of around 65% of the capital and support expected to exceed 90%, with some estimates reaching as high as 95%. This broad support reflects the positive judgment expressed in recent days by the main proxy advisors for institutional investors and the favor of a significant portion of institutional shareholders.

The acquisition of Monte dei Paschi di Siena by Intesa Sanpaolo represents the final chapter in a long and troubled saga involving the world's oldest bank. MPS was rescued by the Italian state in 2017, effectively becoming a public bank, after it accumulated colossal losses due to toxic derivatives and risky management. Since then, Rome has sought to sell it back to the market to recoup the billions of euros in state aid, but attempts have always failed due to the size and difficulties of the Sienese institution.

Intesa Sanpaolo's offer, led by CEO Carlo Messina, was launched after the government gave the green light, seeing this consolidation as the only way to definitively close the MPS issue and create a national champion in the banking sector. The deal values MPS at around €30.6 billion and provides, for each Monte dei Paschi share, 1.6 newly issued Intesa shares plus one euro in cash. The industrial plan aims to generate synergies of €2.9 billion per year and promises Intesa shareholders earnings and dividends per share 8% higher from 2026 onwards compared to the scenario where the bank remained standalone. The outcome of today's shareholder meeting is the decisive formal step to launch the takeover bid, after which the phase of MPS shareholder acceptance will begin.