MPS Tries to Buy Two Rivals to Block a €36 Billion Takeover

On August 21, 2026, Monte dei Paschi di Siena offered to buy Banco BPM and Banca Generali using its own shares, not cash. The board approved this August 20. By issuing more shares, MPS hopes to make itself harder for Intesa Sanpaolo to acquire for €36 billion. Italy's PM opposes breaking up MPS. A separate Mediobanca deal adds risk.