Monte dei Paschi 称 Intesa 306亿欧元收购报价低估公司

Monte dei Paschi claims €30.6bn bid from Intesa ‘undervalues’ bank
Monte dei Paschi di Siena’s board has pushed back against Intesa Sanpaolo’s €30.6bn offer, saying it “undervalues” the Italian banking group, while leaving the door open to a potential tie-up with Banco BPM.
In its first comments on Intesa Sanpaolo’s takeover offer since the bid was launched a month ago, the MPS board said on Thursday that the offer was overly favourable to Intesa.
Though it stopped short of an outright rejection of the bid from Italy’s biggest bank, MPS said the bid was less attractive than MPS’s own strategy and carried significant regulatory and execution risk.
It added that it “intends to deepen the technical analyses in relation to the combination proposal with Banco BPM” as it believed the rival pitch “deserves a comprehensive and rigorous assessment”.
Intesa’s takeover offer was the latest twist in a flurry of dealmaking that has reshaped Italian banking.
Last month, Banco BPM said it was interested in discussing a “merger of equals” with larger rival MPS; the following day, Intesa launched a takeover bid for the Tuscan lender that envisaged carving out its retail banking operations and selling them to Unipol. Unipol is the controlling shareholder of Italy’s fifth-largest lender, BPER Banca.
Intesa plans to split MPS in two. It would create a standalone bank containing the Monte dei Paschi brand, about 635 branches and central operations, which would be sold to Unipol and then transferred on to BPER.
Intesa would keep the remainder of MPS, including Mediobanca’s wealth management and investment banking operations and its 13 per cent stake in Generali.
Intesa chief executive Carlo Messina said on Wednesday that the bank had no plans to raise its current offer. “We believe the price offered is the highest possible,” he said on the sidelines of the ABI banking lobby annual conference.
Speaking at the same event, Italy’s finance minister Giancarlo Giorgetti suggested Rome would soon dispose of its remaining 4.8 per cent stake in MPS, which the Italian government bailed out in 2017.
Rome began privatising MPS two years ago following a successful restructuring, setting off a wave of takeover activity that is still unfolding.
Giorgetti said he was “confident that this will be the last [industry] meeting in which the government is a shareholder in some major banks, as the role played by the government as a shareholder has come to an end”.