Overview
- Intesa Sanpaolo filed a formal esposto with Consob challenging Monte dei Paschi di Siena's exchange offers and the sequence of market communications.
- The complaint, lodged to the regulator on Aug. 26, argues Mps treated the passivity rule too loosely by announcing deals and setting an assembly for Oct. 29 before securing shareholder approval.
- Assicurazioni Generali said it will evaluate Mps's offer for Banca Generali on Aug. 27, giving Mps a realistic path at that target while Banco Bpm's board has rejected the unsolicited approach as lacking a premium.
- Fitch warned that Mps faces considerable execution and capital risks if the plan proceeds, noting potential rating pressure if integration fails or CET1 capital falls below 13 percent.
- The next decisive milestone is Mps's shareholder meeting on Oct. 29, when votes to remove the passivity constraint and approve the separate offers will determine whether the rival bids can be implemented.