Erroneous alert on ECB approval of Intesa offer for Monte dei Paschi withdrawn
Key Facts
Reuters withdrew an alert reporting that the European Central Bank had approved Intesa Sanpaolo’s offer to acquire Monte dei Paschi after it was sent in error, meaning the approval cannot be reported as confirmed news. The alert was corrected while the offer remains on its regulatory approval path, and the deal has not been announced as completed. Intesa announced the voluntary offer on June 8, 2026, to buy all of Monte dei Paschi’s ordinary shares. At the time, it said completion was expected by December 2026, subject to regulatory approvals and the fulfilment of conditions. That leaves approvals among the matters still required before the transaction can close, while near-term attention turns to Monte dei Paschi shareholders’ vote on its defensive plan on October 29.
In the latest announced revision to the offer, Intesa said on October 3 that its total value would be 31.4 billion euros if fully accepted. The consideration comprises shares worth 27.6 billion euros and a cash component of 3.8 billion euros, according to the bank’s statement. Intesa raised the cash consideration to 1.25 euros for each Monte dei Paschi share, alongside 1.6 new Intesa shares for each target share. The terms show that the offer combines cash and shares, while its total value remains contingent on full acceptance. Intesa said when it launched the offer that the combined group could have more than 27 million customers and about 2 trillion euros in customer financial assets by 2029.
The forthcoming vote comes against the backdrop of a defensive plan drawn up by Monte dei Paschi Chief Executive Luigi Lovaglio, including proposals linked to takeover offers for Banco BPM and Banca Generali. The bank’s management has called on shareholders to vote on its plan on October 29. But major investors who together own a third of the capital said they would reject the defensive plan and accept Intesa’s offer, Reuters reported on October 12. The news agency said their stance made it impossible to reach the two-thirds majority required to approve the plan. That puts the vote at risk of rejecting the plan, but by itself does not determine the offer’s path or the regulatory approvals needed to complete it.
Intesa linked the conditions for its offer to take effect to the outcome of the shareholders’ meeting, saying it would not waive the offer conditions if the meeting approved specific provisions in the defensive plan, and would consider them unfulfilled. The provisions concerned include proposals related to Banco BPM and Banca Generali offers and capital. The outcome of the October 29 vote is therefore directly tied to the offer conditions set by Intesa, alongside the regulatory approval process. Monte dei Paschi, meanwhile, said the improved offer left investors facing uncertainties. The bank added that its board and management would continue to assess initiatives aimed at protecting and maximising the value of shareholders’ investments.
The offer document was filed with Italy’s market regulator Consob on June 27, according to Intesa, which said the document was published after the regulator’s preliminary review was completed. The step forms part of the offer’s formal process, alongside the regulatory approvals that the company said were required to complete the deal. After the shareholders’ vote on October 29, Intesa’s target date for completing the transaction remains December 2026, provided the conditions are met and the required approvals are obtained. Earlier coverage of the news had linked ECB approval to an alert that was later withdrawn, while the upcoming vote and the offer conditions remain central to the deal’s progress.