Monte dei Paschi’s biggest investor backs Intesa’s sweetened €34.5bn takeover bid

By the Editorial Team · Tuesday, October 6, 2026

Delfin, the largest shareholder of Monte dei Paschi di Siena (MPS), has unanimously endorsed Intesa Sanpaolo’s increased €34.5 billion takeover bid, strengthening Intesa’s hostile acquisition attempt. This backing intensifies the contest for control over Italy’s oldest bank, with a crucial shareholder vote imminent and government concerns over the potential breakup of MPS.

Monte dei Paschi di Siena’s largest shareholder has endorsed Intesa Sanpaolo’s enhanced €34.5 billion takeover bid, providing a significant boost to the Italian lender’s hostile attempt to acquire the Tuscan bank. Delfin, the holding company of the Del Vecchio family which controls 17.6 percent of Monte dei Paschi (MPS) shares, unanimously backed Intesa’s improved offer following an increase in the cash portion by €800 million.

Intesa’s revised bid values MPS at €34.5 billion, which includes a €3.8 billion cash component. On Saturday, Intesa raised the cash offer by €0.25, bringing the total to €1.25 per MPS share, while maintaining its proposal of 1.6 newly issued Intesa shares for each MPS share tendered. The overall value of Intesa’s offer has grown partly due to a roughly 12 percent increase in Intesa’s share price since the bid was initially announced on June 8.

MPS Chief Executive Luigi Lovaglio has been resisting Intesa’s takeover attempt while pursuing a parallel strategy involving a double acquisition of Banco BPM and Banca Generali, the wealth management division of insurer Generali. Under Italian takeover regulations, any acquisitions by MPS must receive shareholder approval due to the competing bid from Intesa. A shareholder vote on this matter is scheduled for later this month.

Intesa has stated that it will withdraw its offer if MPS shareholders approve Lovaglio’s acquisitions. The ongoing battle for control over MPS, Italy’s oldest bank, has drawn a cautious response from the government led by Prime Minister Giorgia Meloni. The government retains a minority stake in MPS following a state bailout in 2017, and Meloni has publicly expressed concerns over the potential dismantling of the bank.

Intesa’s plan involves divesting a standalone bank carrying the MPS brand, along with hundreds of branches, to the insurer Unipol, while preserving the Mediobanca entity and its 13 percent shareholding in Generali. Although Meloni has criticized the breakup of the historic lender, she has also indicated that the bank’s future ultimately rests with market forces.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.