MPS: Board of Directors’ initial assessment of Intesa’s public takeover bid – it is at a discount
‘Significant uncertainties regarding the bid; one of them concerns Generali’s share price’
(Il Sole 24 Ore Radiocor) - A month and a half after Intesa Sanpaolo launched its hostile takeover bid worth over 30 billion, the board of Monte dei Paschi has issued an initial, detailed and negative response in which it highlights the significant uncertainties surrounding the offer, which it considers to be at a discount, with a large number of observations that also concern the Generali stake, which would end up in the hands of a competitor to the ‘Leone di Trieste’. At the same time, the bank led by Luigi Lovaglio considers the proposal put forward on 8 June by Banco BPM to be worthy of further consideration, as it avoids the ‘break-up’ of Rocca Salimbeni into two entities due to Unipol’s involvement in the transaction.
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