MPS Bids for Banco BPM and Banca Generali to Block Intesa's €36 Billion Takeover

Monte dei Paschi di Siena launched all-share offers for Banco BPM and Banca Generali on August 21, 2026, board-approved August 20. The goal: dilute MPS's equity base and complicate Intesa Sanpaolo's unsolicited €36 billion takeover bid. Italy's PM publicly opposes breaking up MPS. A separate ongoing Mediobanca exchange offer adds execution risk.