Compagnia di San Paolo has conveyed support for Intesa Sanpaolo's proposed takeover of Banca Monte dei Paschi di Siena, the foundation's chairman Marco Gilli said in an interview published today in La Stampa. The endorsement comes after Intesa, Italy's largest banking group, unveiled an unsolicited cash-and-share offer valued at €30.6 billion to acquire the smaller rival.
The foundation currently owns approximately 6.6% of Intesa. Gilli told La Stampa that Compagnia di San Paolo regards the transaction as advantageous for shareholders and believes it would reinforce the resilience of Italy's banking system. He noted that, should the acquisition be completed, the foundation's holding in Intesa would be reduced to 5.1%.
Intesa's proposal, announced on Monday, is structured as a combination of cash and shares and is unsolicited - meaning it was not initiated in agreement with Monte dei Paschi's management at the time of the announcement. The foundation's public backing provides a significant shareholder perspective given its sizable stake in Intesa.
In the same interview, Gilli said the foundation may contemplate increasing its roughly 0.1% holding in Generali, Italy's largest insurance company. He framed such a move as a possibility rather than a confirmed action, indicating that any change to the foundation's position in Generali remains to be determined.
The potential reduction of Compagnia di San Paolo's stake in Intesa to 5.1% is explicitly described as contingent on completion of the deal. The foundation's statements emphasise its view that the combination would be beneficial for shareholders and for the broader banking sector in Italy.
Summary
- Compagnia di San Paolo supports Intesa Sanpaolo's unsolicited €30.6 billion cash-and-share offer for Banca Monte dei Paschi di Siena.
- The foundation owns about 6.6% of Intesa and said the transaction would be positive for shareholders and strengthen Italy's banking system.
- If the deal is completed, the foundation's stake in Intesa would fall to 5.1%; it may also consider increasing its approximately 0.1% holding in Generali.