Intesa Sanpaolo files a document with Consob regarding the takeover bid for MPS
The deal will create the second-largest group in the Eurozone by market capitalisation, with a net profit of 16 billion and 27 million customers
The process leading to the takeover of MPS by Intesa Sanpaolo continues. The Ca’ de Sass-based bank has, as expected, filed the offer document with Consob relating to the public takeover bid launched for Rocca Salimbeni.
For each Monte share, the bank led by CEO Carlo Messina will pay 1.6 treasury shares and 1 euro in cash. Intesa Sanpaolo states that, prior to today’s date, it had already submitted to the relevant authorities the notifications and applications required to obtain the authorisations mandated by the applicable regulations in relation to the public takeover bid.
Intesa Sanpaolo’s takeover bid for Monte dei Paschi di Siena was announced on 8 June. The offer values the shares of the Siena-based bank at €10.091 each and is structured with a share-for-share consideration of 1.6 Intesa Sanpaolo shares and a cash component of €1 for each Monte dei Paschi share, representing a premium of 12.5 per cent over Monte dei Paschi’s official stock market price on 5 June. The maximum total value of the offer, should it be accepted in full, will be approximately 30.6 billion euros. The transaction will create the second-largest group in the Eurozone by market capitalisation, with a net profit of 16 billion and 27 million customers. Full-scale synergies of 2.9 billion euros are also expected, along with customer financial assets totalling approximately 2,000 billion euros by 2029.
