MPS Considers Counter Bids to Block Intesa Takeover
Monte dei Paschi CEO Luigi Lovaglio is reportedly preparing share swap offers for Banco BPM and Banca Generali. The strategy aims to defend the Tuscan lender against an unsolicited takeover bid from Intesa Sanpaolo.
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BANCA MONTE DEI PASCHI SIENA CEO Luigi Lovaglio is preparing counter-bids involving BANCO BPM SPA and BANCA GENERALI SPA to fend off an unsolicited €36 billion takeover by rival INTESA SANPAOLO in Italy. The defensive strategy comes as the Tuscan lender faces intense pressure following a state bailout and subsequent reprivatisation. Lovaglio has argued that breaking up the commercial network would destroy value.
