Intesa Sanpaolo has said it will keep its offer for Monte dei Paschi di Siena on the table only if the bank's shareholders vote down the proposals put forward by MPS chief executive Luigi Lovaglio, according to Il Sole 24 ORE. The condition was reported on Saturday, 3 October 2026.
Citing the same reporting, Corriere della Sera said Intesa Sanpaolo is prepared to raise its bid for MPS by 25 cents per share, but only in the event that shareholders reject Lovaglio's plan. Il Fatto Quotidiano framed the message to MPS shareholders in similar terms, reporting that Intesa urged them to stop Lovaglio's plan in exchange for a higher offer.
Sky TG24 reported that a renewed Intesa Sanpaolo offer for MPS could include roughly 3.8 billion euros in cash. La Repubblica, also citing the 25-cent increase, reported that Intesa described the coming shareholders' meeting as a referendum.
The reports point to a standoff over the direction of MPS, with Intesa's willingness to improve its terms tied directly to the outcome of a shareholder vote rather than to negotiations with the bank's management. The material available does not specify the date of the meeting or the full terms of the existing offer.
What to watch next: whether MPS shareholders side with Lovaglio or reject his proposals, since that vote determines whether Intesa Sanpaolo proceeds with a higher bid.
