Intesa Raises Monte dei Paschi Takeover Offer
Intesa Sanpaolo increased its takeover offer for Monte dei Paschi di Siena by offering €800 million in cash. The bank warned it could drop the bid if MPS shareholders approve rival plans.
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INTESA SANPAOLO raised its takeover offer for BANCA MONTE DEI PASCHI SIENA by €800 million on Saturday, threatening to drop the bid if shareholders back a rival plan. The €34 billion share-and-cash offer is the largest transaction among a dozen banking deals in Italy over the past two years. Intesa's move aims to counter a defensive strategy led by MPS CEO Luigi Lovaglio ahead of an upcoming shareholder vote.
