Intesa presses ahead with Monte dei Paschi offer as nine-month net income reaches €8.2 billion
Key Facts
Intesa Sanpaolo said its voluntary exchange and purchase offer for the ordinary shares of Banca Monte dei Paschi di Siena would proceed after shareholders rejected the rival bank's offers to acquire Banco BPM and Banca Generali, along with the related capital reduction. The vote removed an obstacle to the offer but did not complete the acquisition: in a statement issued on October 30, Intesa said it would publish the offer document and a European prospectus supplement before the acceptance period begins. The announcement came as Intesa reported net income of €8.2 billion in the first nine months of 2026, up 8.1% from the same period in 2025. The bank linked the period's results to updated full-year net income guidance of well above €10 billion. The Monte dei Paschi offer has thus advanced procedurally as Intesa reports its financial performance and outlook for the year.
The defence plan rejected by shareholders included Monte dei Paschi's offers to acquire Banco BPM and Banca Generali, as well as the related capital reduction. Reuters reported that shareholders holding about 60% of Monte dei Paschi's capital opposed the plan. The Del Vecchio and Caltagirone families together hold about 30% of the bank, according to Reuters. Reuters valued Intesa's offer for Monte dei Paschi at about €33 billion, while valuing Monte dei Paschi's two offers for Banco BPM and Banca Generali at about €34 billion. These figures relate to the October 2026 offers and do not establish a value of €31.4 billion for the offer.
The improved terms of Intesa's offer, announced on October 3, provide €1.25 in cash for each Monte dei Paschi share, plus 1.6 new Intesa shares. The bank raised the cash component from €1.00 to €1.25 per share, according to its announced terms. The cash and new shares give shareholders a mix of liquidity and ownership in Intesa under the offer structure. After the defence plan was rejected, Intesa said its offer would proceed for all of Monte dei Paschi's ordinary shares. The offer document it will publish before the acceptance period remains the next announced procedural step.
Intesa said Monte dei Paschi shareholders' failure to approve the Mediobanca merger would not invalidate the takeover offer. The bank said the offer "will not become ineffective as a result of the failure to approve the Mediobanca merger." The announcement separates the continuation of the Monte dei Paschi offer from the fate of the merger vote, which Intesa says is no longer a condition for the offer to remain valid. If the offer is completed and the relevant requirements are met, Intesa intends to launch a subsequent mandatory offer for Mediobanca ordinary shares not owned by Monte dei Paschi or Intesa. The bank tied this subsequent step to completion of the Monte dei Paschi offer and fulfilment of the relevant conditions.
Intesa attributed its higher 2026 net income outlook to revenue growth, driven mainly by commissions and insurance income, alongside stable costs and lower provisions. The bank said expected full-year net income would be well above €10 billion, without specifying a more precise figure in the guidance included in the statement. Intesa also expects net interest income to exceed €15 billion in 2026, with another significant increase in 2027. The outlook identifies income sources, costs and provisions among the factors the bank cited to explain its updated forecast. The €8.2 billion in net income covers the first nine months of 2026, while the guidance concerns full-year net income.
Intesa's board approved an interim cash dividend of 22 euro cents per share on 2026 results, with payment due to begin on November 25, 2026. In available trading data, Intesa shares listed under the ticker IITSF closed at $6.74 on November 2, 2026. Monte dei Paschi shares listed under the ticker BMDPF closed at $11.98 on the same day, according to EL7 data. These prices represent the two shares' closing levels in the November 2 session, while Intesa's announcement that the offer would proceed dates to October 30. The figures here do not include any further price movement after that close.
Before the Monte dei Paschi offer's acceptance period begins, Intesa said it would publish the offer document and a European prospectus supplement, the next two procedural steps it has announced. A Reuters report published on October 29 had noted that an antitrust decision was expected the following month and quoted Monte dei Paschi's chief executive as saying that "the terms of the offer remain unresolved as long as the antitrust decision has not been issued." The forthcoming offer document remains the announced reference for the offer's details before acceptance begins. If the offer is completed and the requirements are met, Intesa said this could pave the way for a subsequent mandatory offer for Mediobanca shares not owned by it or Monte dei Paschi. As for net interest income, Intesa expects it to exceed €15 billion in 2026 and to post another significant increase in 2027.