Italian banking group Intesa Sanpaolo SpA plans to apply for the takeover of rival Banca Monte dei Paschi di Siena SpA for 33 billion euros ($37 billion). This is reported by foreign media.
Intesa has received regulatory approvals to place an application and intends to open the tender period at the end of November.
Earlier, Paschi shareholders rejected an alternative strategy to acquire Banco BPM SpA and Banca Generali SpA, giving Intesa the opportunity to gain control of Paschi and Mediobanca, in which Paschi owns 86%, as well as an indirect 13% stake in Assicurazioni Generali SpA.
If successful, the deal creates the prerequisites for a change in the Italian financial structure, including a large-scale consolidation in the banking sector.
Intesa, which has a market capitalization of 120 billion euros, manages assets worth 993 billion euros.
Intesa Sanpaolo is a large Italian banking group and one of the leaders in the banking services market in Italy and the EU. The company holds 24% of the pension funds market and 21% of the factoring operations market. It is headquartered in Milan and Turin (Italy) with offices in 38 countries.
Banca Monte dei Paschi is an Italian bank, which is considered to be the oldest operating bank in the world. The bank manages assets worth 200 billion euros and is focused on private clients and small and medium-sized businesses.
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