Intesa’s Monte dei Paschi Offer Awaits Approvals After Erroneous ECB Approval Alert Withdrawn
Key Facts
Reuters withdrew an alert saying the European Central Bank had approved Intesa Sanpaolo’s offer to acquire Monte dei Paschi di Siena, explaining that the alert was sent in error. The alert therefore does not establish that European approval for the deal was granted. Intesa documents show the bank filed an application for prior approvals, but do not establish that regulators issued them. The distinction remains important in assessing the deal’s stage, since filing an application is a procedural step that precedes a decision by the relevant authorities. It was not possible to verify the approval attributed to the transaction in the initial draft report.
According to an Intesa document published through the eMarket Storage platform, the bank applied on 26 June 2026 to the European Central Bank and the Bank of Italy for prior approval to acquire direct control of Monte dei Paschi. The application also covered indirect control of Wise Dialog Bank, Mediobanca, Mediobanca Premier and Compass Banca, as well as a qualifying indirect stake in Banca Progetto. The document lists Monte Paschi Fiduciaria among the indirect stakes subject to approval. The list sets out the scope of Intesa’s regulatory application, not the outcome of its review. The available documents did not confirm that an approval decision had been issued.
The approval application comes as part of a takeover and exchange offer launched by Intesa on 8 June 2026, according to a statement by Italy’s competition authority. On 15 September, the authority announced an investigation into the deal, which aims to give Intesa sole control of Monte dei Paschi. It said the investigation was assessing the deal’s implications for local and national banking and insurance markets. This process is separate from the competition review in Italy and the banking approval application submitted to the European Central Bank and the Bank of Italy. The available material did not announce the investigation’s outcome or when it would conclude.
Monte dei Paschi’s offers for Banco BPM and Banca Generali remain part of the backdrop to the deal. Reuters reported on 14 September, citing Monte dei Paschi, that the two counteroffers were not conditional on Intesa’s offer failing. The bank said a change in its control, if Intesa’s bid succeeds, would not automatically halt the two offers, describing them as irrevocable. Thus, the possible transfer of control of Monte dei Paschi would not, according to the bank’s position as reported by Reuters, automatically mean those offers would stop. The available material contains no later update on their status.