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Italy’s largest lender, Intesa Sanpaolo (BIT: ISP), has announced a €30.6 billion ($35.3 billion) takeover bid for rival Banca Monte dei Paschi di Siena (BIT: BMPS), marking one of the most significant banking deals in Europe in 2026. The proposed acquisition is aimed at strengthening Intesa’s position in the financial sector while accelerating consolidation within Italy’s banking industry.
Under the terms of the offer, Intesa Sanpaolo will provide 1.6 newly issued Intesa shares and €1 in cash for each Monte Paschi share. The proposal values Monte Paschi at €10.09 per share, representing a 12.5% premium over the bank’s closing share price on June 5. Based on these terms, the transaction assigns an overall equity value of approximately €30.6 billion to the Tuscan lender.
If completed, the merger would create the second-largest publicly listed financial group in Europe by market capitalization. Intesa projects that the combined entity could generate more than €16 billion in annual profits by 2029, significantly enhancing its competitive position across European banking markets.
The bank also expects substantial operational benefits from the deal, forecasting annual pre-tax revenue and cost synergies of around €2.9 billion. These efficiencies are expected to come from streamlined operations, improved scale, and enhanced financial services capabilities.
To address potential regulatory and antitrust concerns, Intesa has reached an agreement with insurer Unipol to divest a banking business that includes 635 Monte Paschi branches after the transaction closes. This move is intended to preserve competition within the Italian banking sector.
The proposed acquisition remains subject to regulatory approval and other closing conditions. Intesa Sanpaolo must also secure at least 66.67% of Monte Paschi’s share capital for the transaction to proceed. The deal highlights the ongoing trend of consolidation in Europe’s banking industry as major lenders seek greater scale, efficiency, and profitability in an increasingly competitive market.
