Work continued on Banco BPM’s June 7 combination proposal, positioned as preserving BMPS’s businesses and brand without a carve-out.
Montepaschi reviews Intesa Sanpaolo bid terms
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.
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