Intesa Sanpaolo Challenges MPS’s Defensive Actions in M&A Takeover Battle
Overview of the Intesa Sanpaolo and MPS Takeover Dispute
Intesa Sanpaolo Files Complaint to Consob
MILAN, Aug 26 (Reuters) - Intesa Sanpaolo on Wednesday filed a complaint to Italy's market watchdog Consob over transactions that smaller rival Monte dei Paschi di Siena (MPS) has announced following Intesa's offer for it, a source close to the matter said.
MPS’s Defensive Bids and Takeover Context
Details of MPS’s All-Share Bids
Last week MPS announced two simultaneous, all-share bids, totaling about €34 billion ($39.7 billion), on rival Banco BPM and wealth manager Banca Generali, as it seeks to fend off a 30.6 billion cash-and-share hostile takeover approach launched by Intesa in June.
Regulatory Concerns and the Passivity Rule
The compliant aims to clarify whether MPS has complied with regulations the source said, citing in particular the so-called "passivity rule," which restricts the scope of a target company to take defensive measures against a takeover bid.
Reporting and Editorial Credits
(Reporting by Valentina Za, writing by Giulio Piovaccari, editing by Gavin Jones)
