Sources disagree on the headline value. The total consideration is given as €31.4 billion in one account and about €34 billion in a Reuters-based report. The deal began on June 8, 2026, when Intesa launched a cash-and-share offer one day after Banco BPM approached MPS about a merger of equals. The original terms carried a 12.5% premium to MPS's June 5 close. In July, MPS's board said the premium was too low and equal to about 30% against the official price the day before the announcement. MPS also argues that most of the offer's synergies depend on breaking up its group across separate ownerships and industrial parameters. The competition question remains open: Intesa planned to sell MPS branches and assets to Unipol to address antitrust concerns, with Unipol combining them with BPER Banca under the Monte dei Paschi name.
The outcome would reshape Italian banking and produce the largest banking transaction in Italian history. The next decisive point is the October 29 shareholder meeting. CEO Luigi Lovaglio has asked investors to back the counter-plan at that vote, even if they plan to accept Intesa's offer later. According to MPS, Intesa's offer will be declared ineffective if the meeting approves at least three of the five agenda items. Lawyers should track that vote threshold, any Intesa move to withdraw, and whether the €800 million cash condition and the Unipol remedy hold up.