Intesa Raises Bid for Monte dei Paschi

Intesa Sanpaolo has increased its takeover bid for Monte dei Paschi di Siena from €34 billion, offering an additional €800 million to shareholders who reject the bank’s alternative plan scheduled for October 29. Luigi Lovatelli, head of Monte dei Paschi, is seeking shareholder approval for his opposition plan, which includes strategies to acquire wealth management firms and competing banks through share swaps. If shareholders approve the alternative plan, Intesa has the right to withdraw its offer, while maintaining its proposed conditions, which include raising the bid to €1.25 per share and offering new shares in exchange for each existing share held by shareholders.

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