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Monte dei Paschi shareholders reject defense against Intesa bid
Reuters reported Thursday that Monte dei Paschi di Siena shareholders voted down CEO Luigi Lovaglio's defense plan, clearing a path for Intesa Sanpaolo's about 33 billion euro takeover.
- New headline Was: “World's oldest bank fights for its future as Italian rival nears takeover”
- Our desk filed its story
Based on reporting by Reuters
Shareholders of Banca Monte dei Paschi di Siena on Thursday rejected a defense plan from Chief Executive Luigi Lovaglio that had been meant to keep Italy's largest bank, Intesa Sanpaolo, from taking over the Siena-based lender, according to Reuters1.
The vote opened the way for a cash-and-share offer valued at about 33 billion euros ($36 billion) for Monte dei Paschi, which Reuters described as the world's oldest surviving bank, with origins in 14721.
Reuters said Intesa's plan would split Monte dei Paschi: about half of its 1,200 branches, plus central offices in Siena, would go to insurer Unipol, which would combine remaining operations with BPER under the Monte dei Paschi name1.
Intesa made an unsolicited bid of about 30.6 billion euros in June and later added 800 million euros in cash if shareholders defeated Lovaglio's plan, Reuters reported; Delfin, Francesco Gaetano Caltagirone and some smaller investors sided with Intesa1.
Monte dei Paschi had in 2025 taken a large stake in Mediobanca and in August 2026 launched all-share bids for Banco BPM and Banca Generali as a defense, Reuters said; what regulators still must approve, and when any deal would close, was not specified in the report1.