MPS Launches All-Share Bids for Banco BPM and Banca Generali to Fend Off Intesa's €36 Billion Takeover

Monte dei Paschi di Siena launched all-share exchange offers for Banco BPM and Banca Generali on August 21, 2026. The bids, board-approved August 20, aim to dilute MPS's equity base and complicate Intesa Sanpaolo's unsolicited €36 billion takeover bid. Italy's PM has publicly opposed breaking up MPS. Execution risk is elevated by a separate ongoing Mediobanca exchange offer.