Consob Approves Intesa’s €35.04 Billion Monte dei Paschi Bid

The offer values Monte dei Paschi at about €35.04 billion, based on Friday’s closing prices. Intesa has a market capitalization of about €107.78 billion. The offer is due to launch later this month.

On the fifth trading day after the acceptance period ends—Jan. 29 if the schedule is unchanged—Intesa will pay shareholders €1.25 in cash and 1.664 Intesa shares for each Monte dei Paschi share.

Monte dei Paschi had sought to fend off the takeover. Those efforts were disrupted last month when shareholders overwhelmingly rejected two bids, for Banca Generali and Banco BPM, proposed by Chief Executive Officer Luigi Lovaglio in an attempt to block Intesa’s offer.

Monte dei Paschi has not formally endorsed or rejected the bid, despite previously stating its opposition. The bank said Friday it is still analyzing the offer and aims to complete its review by the end of this month, in line with Intesa’s timeline. Monte dei Paschi is widely considered the world’s oldest bank still in operation.