Intesa: raises cash bid for MPS by 25 cents; takeover bid rendered ineffective by BPM and B.Generali’s takeovers
(Il Sole 24 Ore Radiocor) - If the MPS shareholders’ meeting approves the two transactions involving Banco BPM and Banca Generali, ‘the consequence’ will be that ‘the OPAS launched by Intesa Sanpaolo will become definitively ineffective’. This is what the board of directors wrote at the conclusion of its meeting, in which it once again criticised the moves by Rocca Salimbeni: ‘The plan announced by MPS involves a complex structure characterised by elements of uncertainty, challenging synergies and execution risks’. Furthermore, “it offers no premium, but represents a discount for the shareholders of the target companies”. On the contrary, the statement continues, the OPAS proposed by Ca’ de Sass “generates certain, immediate and sustainable value for MPS shareholders and enhances Siena’s standing”.
Intesa explains that there will be ‘an upward adjustment to the OPAS exchange ratio’ in the event that it distributes ‘the interim dividend for 2026’. It also confirms, with immediate effect, the revised offer for MPS: “An increase of 25 euro cents per MPS share in the cash component of the OPAS consideration”.
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