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Intesa Launches €30.6bn Bid for BMPS
June 9, 2026
Intesa Sanpaolo has launched an unsolicited €30.6bn ($35.3bn) cash-and-share bid for Banca Monte dei Paschi di Siena (BMPS). It is offering 1.6 Intesa shares plus €1 per BMPS share, translating to a 12.5% premium to Friday’s closing price. A successful deal would create the Eurozone’s second-largest bank by market cap at €126bn ($145.4bn), overtaking BNP Paribas and domestic rival UniCredit. The Italian government signalled a neutral stance, with Intesa CEO Carlo Messina confirming that he sounded out Rome before proceeding. BMPS said it would examine both Intesa’s bid and Banco BPM’s earlier merger approach. Intesa’s formal bid now prevents BMPS from agreeing to a deal with Banco BPM without prior shareholder approval.
To address antitrust constraints Intesa has pre-arranged the sale of ~635 BMPS branches and its Siena headquarters to insurer Unipol for up to €3.5bn ($4bn). Unipol would combine the acquired branches with BPER to operate under the Monte dei Paschi name. Intesa intends to retain BMPS’s 13% stake in Assicurazioni Generali, and also plans to retain Mediobanca. The combined group is targeting a net income of €16bn ($18.5bn) by 2029, up from €13.6bn ($15.7bn) in combined 2024 profits, with the bid expected to conclude in December.
Bonds of both Intesa and BMPS traded stable. For instance, Intesa’s EUR 5.5% Perp was at 99.4, yielding 5.6%. BMPS’s EUR 3.25% 2032s were at 98.8, yielding 3.46%
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