Intesa Sees No Impact from Consob or MPS Defence Bids on Takeover Offer
Intesa Sanpaolo's Buyout Offer for Monte dei Paschi di Siena: Key Developments
Background of the Takeover Bid
MILAN, Sept 1 (Reuters) - Intesa Sanpaolo does not expect its buyout offer for Monte dei Paschi di Siena to be hampered by defence bids mounted by its takeover target or by clarifications sought by Italy's markets watchdog, a person close to the matter said.
Consob's Involvement and Market Reactions
Italian daily La Stampa reported on Tuesday that markets authority Consob had written to Intesa to ask about the potential impact on its Monte dei Paschi (MPS) offer of two counter bids unveiled last month by the Tuscan lender.
MPS Counter Bids Explained
In an effort to thwart Intesa's €35 billion cash-and-share buyout scheme unveiled in June, MPS in August outlined plans for two simultaneous bids worth in total €36 billion.
It is proposing to buy rival mid-sized bank Banco BPM as well as wealth manager Banca Generali, paying in shares.
Shareholder Approvals and Regulatory Requirements
Under Italian takeover rules, MPS needs shareholder approval to proceed and it has called a vote on the matter on October 29.
The source said the two MPS bids had no impact whatsoever unless its shareholders cleared them at the October meeting.
If the two bids are approved, Intesa will have the right to walk away from its own offer.
Next Steps in the Takeover Process
Intesa Shareholder Vote and Tender Period
Intesa shareholders are called on to approve the MPS acquisition on September 10, and the tender period for the offer is expected to start in October after supervisory green lights including that of Consob.
Consob's Review and Intesa's Response
Intesa will answer Consob's requests in a transparent and cooperative manner so as to aide the process that is set to culminate in Consob's approval of the offer's prospectus, the person said.
Reporting Credits
(Reporting by Valentina Za, editing by Gavin Jones)
