Intesa Sanpaolo gained the backing of Monte dei Paschi di Siena's largest shareholder after improving its takeover offer for the Italian lender. Delfin committed to tender its 17.6% MPS stake, according to Intesa. The bidder added €800 million to the cash component, lifting it to €3.8 billion.
The revised terms increased the cash payment by 25% and raised the offer's overall value by about 2.3% against the previous package, Reuters reported. Intesa's original June proposal combined newly issued shares with cash for each MPS share. The transaction would further consolidate Italy's banking market if it clears its remaining conditions.
DELFIN'S COMMITMENT STRENGTHENED THE OFFER
Delfin, the holding company controlled by the Del Vecchio family, also committed to oppose MPS management's alternative strategy at an extraordinary shareholder meeting. Its stake gives the improved offer substantial support but does not by itself determine the outcome. Other MPS shareholders must still decide whether to tender their shares.
Intesa said the additional cash would be payable if MPS shareholders reject the defence plan. The bidder has said it would withdraw the offer if that plan is approved. MPS had not commented on the improved proposal when Reuters reported the development.
THE 29 OCTOBER VOTE REMAINS DECISIVE
The defence strategy involves transactions with Banco BPM and Banca Generali that MPS presented as alternatives to Intesa's approach. Italian takeover rules require shareholders to authorise measures that could frustrate an outstanding bid. MPS has scheduled its extraordinary meeting for 29 October.
The next material milestone is therefore the shareholder vote, followed by the tender outcome if the defence plan is rejected. Delfin's commitment reduces execution uncertainty for Intesa but leaves the offer conditional on broader shareholder support and the bid's remaining terms. Any change to the meeting agenda or offer conditions could alter that assessment.