Home / Business and Economy / Intesa Makes Monte Paschi Stakeholder Choice
Intesa Makes Monte Paschi Stakeholder Choice
4 Oct
Summary
- Intesa's offer lapses if shareholders back rival bids.
- Cash offer for Monte Paschi shares increased by 25 euro cents.
- Meeting on Oct. 29 forces choice between takeover bids.
An important shareholder meeting for Banca Monte dei Paschi di Siena SpA is scheduled for October 29th. At this meeting, shareholders will decide on potential bids for Banco BPM SpA and Banca Generali SpA. Intesa Sanpaolo SpA has stated its offer to acquire Monte Paschi will expire if either of these rival transactions are approved.
In a strategic move, Intesa has also sweetened its own offer. The bank has increased the cash component by 25 euro cents per Monte Paschi share. This improved offer is conditional on shareholders rejecting the plans proposed by CEO Luigi Lovaglio, effectively creating a high-stakes decision for investors regarding the future direction of Monte Paschi.
