Monte dei Paschi di Siena is evaluating alternative options to reject the takeover bid di Intesa Sanpaolo, including a potential acquisition of Bpm bank, after negotiations for a "merger of equals" between the two banks failed on Friday. This is what the Financial Times citing sources close to the matter. The Sienese bank is under investigation passivity rule and for this reason it should still pass through the green light of a extraordinary assembly; any competing transaction, in fact, would require shareholder approval before the CEO could proceed.
FT: MPS considering acquisition of Banco BPM
One of the options being examined by the CEO of MPS, Louis Lovaglio, according to the financial newspaper, would be the acquisition of Banco Bpm, a deal he has long supported. Lovaglio, in particular, was evaluating the possibility of contacting Crédit Agricole, main shareholder of Banco Bpm with the 29,3 %, although no contact was made over the weekend.
On Friday, the CEO of the French bank highlighted that the institution will analyse "any sound project in light of its strategic interest, execution risk and ability to create long-term value for all Banco Bpm shareholders", before adding that "at this stage, it is It is very difficult to see how a merger between MPS and Banco BPM could generate value for Banco BPM shareholders."The French bank's top management also emphasized that the preferred scenario would be a merger between Banco BPM and Crédit Agricole Italia.
Risk: The Role of Crédit Agricole
If MPS were to seek to acquire Banco BPM, the potential transaction could be structured as a agreed merger with share exchange, negotiated directly with Crédit Agricole, according to which MPS and Banco BPM would agree on an exchange ratio and the French bank, as reported byFt, would contribute its stake to the group resulting from the merger. Such a structure could limit liquidity needs and facilitate the execution of the transaction, but would depend on the agreements regarding governance, representation on the board of directors, commercial partnerships and from the possible share of Crédit Agricole, the source added.
Lovaglio's potential move represents the latest scene shot in a matter that has been going on for almost two months, which began when Banco Bpm contacted MPS proposing talks on a merger between equals. The following day, Intesa Sanpaolo launched a30,6 billion euro offer for the Tuscan credit institution, beating BPM's expression of interest to the punch. Last month, Crédit Agricole increased its stake in Banco BPM to 29,3%.
From Germany, Faz: Even stronger agreement with MPS
Meanwhile, however, the newspaper Frankfurter Allgemeine Zeitung (Faz) in an article entitled Unicredit's competitor Intesa is likely to become even stronger writes that "The acquisition of MPS would make Intesa Sanpaolo the second largest bank by market capitalization in the Eurozone, after Spain's Banco Santander. Intesa is the number one bank in Italy, but it is less internationally oriented. For UniCredit, international activity is set to become more important, especially following the integration of Commerzbank".
Intesa – he continues – primarily intends to acquire the investment bank Mediobanca, including its 13% stake in the Italian insurance company Generali. Furthermore, the market leader plans to absorb approximately 600 branches of MPS. The other half of the branch network, along with the MPS brand and the main central functions of MPS, is expected to pass to the Italian insurance company. Unipol, with which Intesa Sanpaolo has reached an agreement. Unipol intends to integrate MPS branches with its banking subsidiary. Bper To create a more solid operator. The cancellation of the merger negotiations between BPM and MPS is due to the French bank Crédit Agricole, BPM's largest shareholder. The French bank does not see significant added value in the proposed merger with MPS, especially since it is pursuing the objective of integrating BPM with its own Crédit Agricole branches in Italy.With over a thousand branches, the French bank is one of Italy's largest retail banks. "Intesa Sanpaolo's CEO, Carlo Messina, is considered a man of few words who leads the bank with great efficiency. Intesa's takeover bid is already receiving increased support from MPS shareholders."
Province of Siena, request to Giorgetti
But it's from Siena that an institutional voice is raised against the Tesoro: "The silence of the Minister of Economy and Finance, Giancarlo Giorgetti, faced with the formal request for a meeting made together with the president of the Tuscany Region, Eugenio Giani, and the mayor of Siena, Nicoletta Fabio, is a a sign of serious institutional disrespect towards the representatives of an entire territory“. This is what the company states in a note. President of the Province of Siena, Agnese Carletti, who recently signed a request for a meeting with the Minister of Economy regarding the prospects of Monte dei Paschi. The bank's future, Carletti reiterates, "is not a simple financial issue to be managed away from public debate: it directly concerns the employment fate of thousands of people, the central management and strategic role of the bank in Siena, the related activities and the stability of the economic and social fabric of our province and of Tuscany as a whole”.
The President of the Province underlines the value of theinstitutional unit and recalls, in this regard, the unanimous front that has been created among the various local institutions to ask the government for precise guarantees. "It is It is unacceptable that the government should proceed with its decisions regarding the disposal or restructuring of the company without first listening to the requests of the local community. and without having clarified what tools it intends to activate to protect the integrity of the group, safeguard employment levels, and its fundamental role in supporting credit for families and SMEs,” insists President Carletti. According to her, “ignoring the request for a discussion by the Province, the Region of Tuscany, and the Municipality of Siena means ignoring the local community. We ask Minister Giorgetti to overcome this stalemate and to arrange a meeting without further delay."
(Last updated August 3, 2026, 2:00 PM)
