Consob Approves Intesa Offer
Consob approved the offer document for Intesa Sanpaolo’s exchange and purchase offer targeting Monte dei Paschi di Siena, Il Sole 24 Ore reported.
Intesa Sanpaolo, therefore, has received the green light for the €31.8 billion public purchase and exchange offer for Monte dei Paschi di Siena.
The regulatory clearance opens the path for publishing the prospectus and launching the acceptance period on November 24, 2026. Shareholders of the Siena-based bank can tender their shares until January 22, 2027.
Regulatory Clearance Timeline
Consob president Guido Stazi convened a Sunday meeting of the authority’s board to clear the transaction ahead of scheduled deadlines, Corriere della Sera reported. The approval arrives following 49 completed administrative proceedings across 29 jurisdictions, including non-EU and supranational ones, with the Sunday session called specifically to meet the term expiring on November 8 without spilling into the following day as had happened previously when a deadline coincided with a holiday.
The acceptance period agreed with Borsa Italiana will run for 40 trading days.
Intesa Sanpaolo Offers Cash and Shares for Monte Dei Paschi
Intesa Sanpaolo offers 1.664 newly issued shares and 1.25 euro in cash for each Monte dei Paschi share tendered. Milano Finanza reported that the exchange ratio was adjusted earlier to neutralize the detachment of Intesa’s interim dividend, moving from an initial 1.6 ratio.
Settlement of the cash and share exchange is scheduled for January 29, 2027. A voluntary reopening of the offer terms is planned from February 1 to February 5, 2027, with settlement on February 12, according to Milano Finanza.
Corporate Defense Rejection
The regulatory green light follows the defeat of Monte dei Paschi’s defensive strategy during an October 29 shareholder meeting, Il Sole 24 ORE reported. Chief executive Luigi Lovaglio had proposed acquiring Banco BPM and Banca Generali alongside a merger with Mediobanca.
Following that vote, S&P Global Ratings placed Mediobanca’s long-term ratings on CreditWatch with positive implications. S&P Global Ratings reported that the ratings agency views the outcome as favorable to Intesa’s takeover bid.
Frequently Asked Questions
When does the acceptance period start and end?
The acceptance period begins on November 24, 2026, and runs until January 22, 2027, barring any extensions agreed with Borsa Italiana, according to Sky TG24.
What is the exact financial consideration per share?
Intesa Sanpaolo will pay 1.25 euro in cash and issue 1.664 new shares for every Monte dei Paschi share tendered in the offer, as reported by Il Sole 24 ORE.
When is the transaction settlement planned?
Settlement is scheduled for January 29, 2027, when participating shareholders will receive their cash payments and newly issued shares, according to Milano Finanza.
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