Intesa Sanpaolo gets approval for MPS takeover bid

Italy's largest bank, Intesa Sanpaolo, said Sunday that the country's market regulator had authorised its takeover bid for Monte dei Paschi di Siena.

The public takeover bid is scheduled to begin on November 24 and end on January 22, 2027. Intesa said it is offering 1.24 euros plus 1,664 of its own shares to each MPS shareholder who sells their stock.

Intesa previously raised its bid to 31 billion euros, or $34.5 billion, and issued an ultimatum to MPS shareholders. The bank said the move had paid off after shareholders rejected a counter-proposal from the Siena-based bank in late October.

Turin-based Intesa expects the acquisition to be finalised between December this year and January next year. It is targeting net profit of 16 billion euros through the combined entity by 2029.

MPS was founded in Tuscany in 1472 and is the world's oldest bank.