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Generali Kicks Off Evaluation of Monte dei Paschi's EUR8.7 Billion Offer for Banca Generali

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Generali Kicks Off Evaluation of Monte dei Paschi's EUR8.7 Billion Offer for Banca Generali

Italy's Assicurazioni Generali (G.MI) is willing to evaluate Banca Monte dei Paschi di Siena's (BMPS.MI) takeover offer for its majority-owned wealth manager Banca Generali (BGN.MI).

Generali, which owns a 50.17% stake in the wealth manager, said Thursday that it has launched a process to "thoroughly evaluate" the business, economic and value implications of the unsolicited offer. It noted that the offer "envisages a broader industrial collaboration to develop new growth opportunities across strategically important business areas for both companies."

Banca Monte dei Paschi di Siena on Aug. 21 launched two parallel all-stock offers for Banca Generali and Banco BPM (BAMI.MI). The offers value the wealth manager at 8.7 billion euros and Banco BPM at 25.3 billion euros.

With the proposed transactions, Monte dei Paschi aims to create a financial industry giant with over 810 billion euros in total financial assets. If completed, the deals would also safeguard Monte dei Paschi from a takeover attempt from larger rival Intesa Sanpaolo (ISP.MI), which in June launched an offer for the bank valued at 30.6 billion euros.

Subject to regulatory clearances, shareholders' approvals and other conditions, the offers are expected to close by mid-February 2027.

Shares of Monte dei Paschi and Generali were up nearly 1% higher during early trading.

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