Monte dei Paschi Bids 40B for BPM and Generali
Monte dei Paschi di Siena launched forty billion dollar bids for Banco BPM and Banca Generali. The defensive move aims to block a hostile takeover attempt by Intesa Sanpaolo. Shareholders will vote on the proposed merger plan in October.
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BANCA MONTE DEI PASCHI SIENA launched all-share bids totaling €34 billion ($40 billion) for BANCO BPM SPA and BANCA GENERALI SPA on Friday afternoon. The move aims to fend off a hostile takeover by INTESA SANPAOLO in Italy. The proposed combination would forge the country's third-largest lender and rank among Europe's top 10 banks.
