Banca Monte dei Paschi di Siena launched a voluntary all-share exchange offer for Banca Generali on 21 August, valuing the Trieste-based private bank at about €8.72bn.
Why Banca Monte dei Paschi di Siena S.p.A. is buying Banca Generali S.p.A.
MPS said Banca Generali would bring a leading advisor-led wealth management platform and high-quality recurring fee income, and described the bid as a first step towards a broader industrial collaboration with the Generali group. Assicurazioni Generali, Banca Generali's controlling shareholder, is a related party of MPS through Mediobanca.
Deal terms and financing
MPS is offering 6.958 newly issued shares for each Banca Generali share, implying €74.284 a share and a 10.0% premium to official prices on 19 August. If both of MPS's offers were fully accepted, Banca Generali shareholders would own about 12.7% of the enlarged group.
Regulatory approvals and timing
The offer requires approval from MPS shareholders on 29 October 2026 under Italy's passivity rule, a minimum acceptance of 50% plus one share and regulatory clearances; MPS expects the acceptance period to run from early December 2026 to early February 2027. Recalculated at Consob's request against 5 June prices, the offer showed a discount of between 3.2% and 7.9%.
Market context
The double bid is MPS's response to Intesa Sanpaolo's exchange offer for MPS, launched on 8 June. Banca Generali said the offer had not been solicited or agreed with it in advance and that it would respond within the legal timeframe.
