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Bond Market News
BMPS Weighs Options In Intesa’s Takeover
October 13, 2026
Banca Monte dei Paschi di Siena (BMPS) held a board meeting to assess developments in its takeover battle with Intesa Sanpaolo. The meeting followed opposition to the defence strategy from several key investors. BMPS said that Intesa’s revised takeover offer exposes shareholders to uncertainties while forcing them to abandon an alternative restructuring plan. Intesa has pledged an additional €800mn in cash to BMPS shareholders if they reject CEO Luigi Lovaglio’s proposed defence strategy against its €34bn cash-and-share bid. Investors holding approximately one-third of BMPS’s capital have indicated they will oppose the defence plan and accept Intesa’s offer, making it impossible for Lovaglio to secure the two-thirds majority required at the October 29 vote. Following a board meeting, BMPS said it would continue exploring measures to protect shareholder value.
Bonds of both Intesa and BMPS traded stable. For instance, Intesa’s EUR 5.5% Perp was at 96.1, yielding 6.4%. BMPS’s EUR 3.25% 2032s were at 96.3, yielding 4.1%.
– Vandit P
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