Intesa Sanpaolo has received prior approval from the European Central Bank (ECB) to acquire a direct controlling shareholding in MPS Banca Monte dei Paschi di Siena (MPS).
The ECB approval also covers indirect controlling shareholdings in Wise Dialog, Mediobanca – Banca di Credito Finanziario, Mediobanca Premier, and Compass Banca. It additionally applies to an indirect qualifying holding in Banca Progetto.
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Separately, the ECB authorised Intesa Sanpaolo to acquire stakes in MPS and its investee companies with a combined value above 10% of the Intesa Sanpaolo Banking Group’s consolidated own funds.
The Bank of Italy has granted prior approval for indirect controlling shareholdings in Monte Paschi Fiduciaria, Spafid, MBPS Leasing, MBCredit Solutions, MBFacta, and Mediobanca SGR.
Its decision further includes indirect qualifying holdings in Fidi Toscana and the Generali Group’s asset management companies.
The next approval is expected from Consob, Italy’s markets regulator, which is due to consider the offer document early next month, reported Reuters.
Italy’s antitrust authority is expected to decide in the second half of November.
After Consob approves the offer document, Intesa Sanpaolo can begin the tender phase before an antitrust ruling is issued.
The tender period will last several weeks, allowing investors to consider the antitrust decision before it closes.
Earlier this month, Intesa Sanpaolo increased its offer for Monte dei Paschi di Siena (MPS), offering shareholders an additional €800m ($900m) in cash if they vote against the bank’s alternative plan.
The revised terms include €1.25 in cash for every MPS share tendered, up from €1 previously offered.
Shareholders would also receive 1.6 newly issued Intesa shares for each MPS share. Intesa announced the original €30bn share-and-cash proposal in June.
Lovaglio’s plan involves two separate all-share takeover bids by MPS for wealth manager Banca Generali and rival lender Banco BPM.
MPS set out plans to acquire Banco BPM and Banca Generali in two separate share-based offers worth a combined €34bn ($40bn), as it tries to avoid being taken over by Intesa Sanpaolo.
