Intesa turned up the heat with an increased offer, and Monte dei Paschi responded by calling an extraordinary board session to rethink its deal playbook. A Paschi spokesperson declined to comment.
Board meetings called at short notice usually mean a deal is moving. Market Briefs covers banking consolidation free every morning.
Back in August, Chief Executive Officer Luigi Lovaglio proposed running two separate acquisitions - one for Banco BPM and another for Banca Generali - aiming to keep the Tuscan bank out of Intesa's hands. That roadmap is now in question after Paschi's two biggest shareholders said they do not support it, and after Intesa raised its offer while making completion dependent on a vote by Paschi investors against the two planned acquisitions.
Circle Oct. 29. That is when shareholders vote, and Paschi needs backing equal to at least two thirds of the votes actually cast to proceed with Lovaglio's two bids. Intesa's offer, as structured, hinges on investors turning those acquisitions down. For everyday investors, the outcome will set the direction for one of Italy's most-watched banking stories - consolidation or independence - which can influence everything from strategy to how aggressive future dealmaking might look.
How a target responds decides whether a bid succeeds. Get the free Market Briefs daily newsletter and follow it.
