M&AFinancial ServicesRUMOURED
Monte dei Paschi Investors Reject CEO’s Takeover Defense Strategy
Value
€35.0Bn
Acquirer
Intesa
Target
Monte dei Paschi
Investors in Monte dei Paschi overwhelmingly voted against the CEO's defensive acquisitions of Banca Generali and Banco BPM. The move comes as the bank attempts to fend off an unsolicited €35bn takeover bid from Intesa.
✦ Meridian Analysis
The deal remains at the rumour stage. Intesa Sanpaolo has lodged an unsolicited €35 billion offer for Monte dei Paschi. In response, Monte’s chief executive proposed a defensive package of acquisitions – Banca Generali and Banco BPM. Shareholders voted overwhelmingly against that defensive plan.
A top Monte investor backed Intesa’s sweetened €34.5 billion bid. The takeover faces antitrust scrutiny.
Deal professionals will be watching for the final terms of Intesa’s offer – price, premium and any financing structure – which have not been disclosed. Confirmation of the financing package, the identity of financial advisers and the timetable for antitrust clearance will be critical to assess whether the bid can be closed or if further defensive manoeuvres might re‑emerge.
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