MPS Buyout Bids Remain Valid Despite Intesa Bid
Monte dei Paschi di Siena confirmed its buyout offers for Banco BPM and Banca Generali cannot be revoked even if rival Intesa Sanpaolo takes control. MPS defended its defense strategy as Intesa awaits regulatory approval for its takeover plan.
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BANCA MONTE DEI PASCHI SIENA defended its dual buyout offers on Monday morning, stating the bids remain binding even if rival INTESA SANPAOLO succeeds in its takeover. The defensive maneuver counters Intesa's €35 billion cash-and-stock acquisition attempt. MPS aims to block the market leader through all-share combinations with smaller lenders.
