MPS Kicks Off All-stock Offers for Banco BPM, Banca Generali

02:28 AM EDT, 08/21/2026 (MT Newswires) -- Banca Monte dei Paschi di Siena (BMPS.MI), or MPS, on Friday launched two parallel voluntary public exchange offers for Banco BPM (BAMI.MI) and Banca Generali (BGN.MI), valuing the targets at 25.3 billion euros and 8.7 billion euros, respectively. Under the terms, Banco BPM shareholders will receive 1.567 newly issued MPS shares for each share held, while Banca Generali shareholders will receive 6.958 newly issued MPS shares for each share held. Upon completion of both offers and taking into account the effects of the Mediobanca (MB.MI) merger, MPS shareholders would own about 50.1% of the combined group, with Banco BPM shareholders holding 37.2% and Banca Generali shareholders 12.7%. Subject to regulatory clearances and shareholder approvals, among other conditions, the offers are expected to close by mid-February 2027. Further, the MPS board proposed an extraordinary distribution of 4 billion euros, to be paid in 1 billion euros in cash and 3 billion euros in Assicurazioni Generali (G.MI) stock. The proposal, along with the offers and related measures, will be submitted to shareholders for approval on Oct. 29.