Montepaschi flags concerns over Intesa Sanpaolo bid terms as review continues

• Intesa Sanpaolo launched an offer for all Banca Monte dei Paschi di Siena shares, offering 1,600 Intesa shares plus EUR 1 cash per BMPS share.
• The terms imply a 12.5% premium to BMPS’s June 5 close, valuing BMPS at about EUR 30.6 billion, according to initial board observations.
• Using July 15 prices, the consideration implies about a 3.3% discount to BMPS, widening to about 6.2% when factoring Intesa’s expected interim dividend.
• Intesa flagged potential recurring pre-tax synergies of about EUR 2.9 billion per year, split between about EUR 1.4 billion revenue and EUR 1.5 billion costs.
• Work continued on Banco BPM’s June 7 combination proposal, positioned as preserving BMPS’s businesses and brand without a carve-out.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Banca Monte dei Paschi di Siena S.p.A. published the original content used to generate this news brief via SDIR, the Italian regulatory disclosure system (Ref. ID: 0035-90-2026_TELEBORSA.pdf), on July 16, 2026, and is solely responsible for the information contained therein.