Italian Intesa to buy rival for 30 billion

The Italian Intesa Sanpaolo Bank announced its plans to acquire Monte dei Paschi di Siena for more than 30 billion euros, with the share being valued at over 10 euros and a premium of 12.5%. The target bank is estimated to be worth around 30.6 billion euros, amid competition from Banca BPM, which is also seeking to merge with Monte Paschi. However, the latter is considered to be much larger than the former in terms of market value, which is slightly under 100 billion euros.

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