Intesa Board of Directors: green light for transaction with Unipol on Mps. To Intesa Mediobanca and part of Siena branches, Mps passes to Unipol Bper
Joint operation with Unipol and Bper on Mps to counter the proposed merger presented by the board of Banco Bpm
The meeting of the board of directors of Intesa Sanpaolo ended in the evening of Sunday 7 June. In the meeting of the bank's top management, the go-ahead was given for a joint operation with Unipol Bper that will be announced to the market in the early hours of the morning of Monday 8 June and explained to financial analysts and the press in a meeting at 10.00 a.m.
According to initial reconstructions, the offer on Banca Mps is a joint one and should bring Intesa Sanpaolo Mediobanca - thus the wealth management, investment banking, consumer credit and obviously the 13.3% stake in Generali - as well as a share of the branches in Siena.
Thus Intesa Sanpaolo would secure control of Generali and grow even more in Europe. To Unipol Bper would instead go the control of Monte dei Paschi di Siena with most of the banking group's branches. The result is the birth of Italy's second pole.
The proposal is an alternative to the friendly offer announced again on Sunday 7 June by Banco Bpm and addressed to the board of Banca Mps for a merger on equal terms.
