The story so far
written Nov 3What is happening
Intesa Sanpaolo holds European Central Bank authorization as of October 27, 2026, to take control of Banca Monte dei Paschi di Siena (MPS) 3. The €32 billion cash-and-share bid would consolidate Italy's banking sector and requires Intesa to sell half of the MPS branch network to Unipol to address competition concerns 3. Intesa may be required to divest additional branches beyond the Unipol agreement to satisfy regulators 3.
What to watch
Approval of the offer document by Italy’s market regulator, Consob, would allow Intesa to begin the tender phase in early November 2026 3. A decision from Italy’s antitrust authority (AGCM) is scheduled for the second half of November 2026 3. European Commission antitrust clearance and a vote by Italian shareholders at a scheduled meeting would precede the deal closing, which Intesa and Monte dei Paschi have targeted for December 2026 5.
Read the full brief · how we got here
How we got here
Intesa filed its formal offer document with Consob on June 27, 2026 5. The Italian antitrust authority opened a probe into the bid and previously interrupted its review period by issuing a request for information 79. A top investor backed an improved €35 billion valuation for the deal on October 5, 2026, as the transaction moved toward the final regulatory phase 4.
References · 5
- 3globalbankingandfinance.com — ECB Clears Intesa Sanpaolo's €32B Takeover of Monte dei Paschi
- 4reuters.com — Italian bank Intesa's improved €35 billion bid for MPS wins backing of ...
- 5italytelegraph.com — Intesa Sanpaolo €30.6B MPS Takeover: Consob Filing 2026
- 7agcm.it — PDF Autorità garante della concorrenza e del mercato - agcm.it
- 9retailbankerinternational.com — Italy launches antitrust probe into Intesa bid for Monte dei Paschi
What would close this
0 of 4 metTimeline
1newest firstWhen we started following: ECB authorizes Intesa Sanpaolo’s €32 billion takeover of Monte dei Paschi di Siena
Intesa Sanpaolo received European Central Bank (ECB) authorization on October 27, 2026, to take control of Banca Monte dei Paschi di Siena (MPS) 3. The approval is a primary requirement for Intesa’s €32 billion cash-and-share bid 3.
Attention now shifts to Italy’s market regulator, Consob, which is expected to approve the offer document in early November 2026 3. Following Consob's approval, Intesa may begin the tender phase 3. Italy’s antitrust authority is scheduled to issue a decision in the second half of November 2026 3. To address potential competition concerns, Intesa has agreed to sell half of the MPS branch network to Unipol, which plans to merge them with BPER 3. Sources close to the matter suggest Intesa may be required to sell additional branches beyond the Unipol agreement 3.
Intesa filed its formal offer document with Consob on June 27, 2026 5. The antitrust authority previously sent a request for information which interrupted the statutory terms of its review 7. The transaction is currently targeted for completion by December 2026 5.