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Italy antitrust tells Intesa to shed a few more MPS branches for deal approval, report says - Finance news and analysis from Global Banking & Finance Review
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Italy antitrust tells Intesa to shed a few more MPS branches for deal approval, report says

Published by Global Banking & Finance Review

Posted on November 6, 2026

2 min read

· Last updated: November 6, 2026

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Italy Antitrust to Approve Intesa-MPS Deal If Bank Sells More Branches

Regulatory Review and Conditions for Intesa Sanpaolo's Takeover of MPS

Antitrust Authority's Assessment

MILAN, Nov 6 (Reuters) - Italy's antitrust authority has broadly accepted the measures proposed by Intesa Sanpaolo to address competition concerns related to its planned takeover of Monte dei Paschi di Siena (MPS), daily la Repubblica reported on Thursday, citing sources.

Final Assessment and Approval Timeline

• The watchdog has sent its final assessment of the deal to the parties, paving the way for approval subject to agreed conditions

• A formal green light is expected before Intesa opens the tender phase for its bid on November 23 or 24, the report added

Branch Divestment Requirements

• According to la Repubblica, Intesa will need to dispose of only "a few dozen more" branches on top of those it has already committed to sell to insurer Unipol

Stake in Generali and Governance Commitments

Sale of Generali Stake

• The regulator has also accepted Intesa's commitment to sell the 3% stake in Generali it had bought as a defence strategy, la Repubblica wrote

Retention of Generali Stake via MPS

• Intesa can retain in full the 13.3% Generali stake it would acquire through MPS and its subsidiary Mediobanca, it added

Board Independence Measures

Prevention of Information Exchange

• To prevent exchanges of information between the two groups, board members appointed by Intesa to Generali's board must be fully independent, the report said

Comments from Involved Parties

• MPS declined to comment. It was not immediately possible to reach Intesa for comment

(Reporting by Valentina Za, editing by Giulia Segreti)

Key Takeaways

  • Antitrust broadly accepted Intesa’s remedies, pending disposal of only a few dozen additional MPS branches on top of those already earmarked for sale to Unipol (group.intesasanpaolo.com)
  • Intesa can retain the 13.3% Generali stake acquired via MPS but must divest the 3% stake bought earlier as defence; appointed board members at Generali must remain fully independent (group.intesasanpaolo.com)
  • With prior ECB and Bank of Italy approvals secured and Consob approval imminent, the antitrust clearance is the final hurdle before Intesa can start its tender in the week of November 23 or 24 (ca.marketscreener.com)

References

Frequently Asked Questions

What measures did Intesa Sanpaolo propose for its MPS takeover?
Intesa Sanpaolo proposed selling additional branches and disposing of its 3% stake in Generali to meet antitrust concerns.
How many more branches does Intesa need to sell for deal approval?
Intesa will need to dispose of only a few dozen more branches in addition to those already committed to Unipol.
What condition did the regulator set regarding Intesa's stake in Generali?
The regulator accepted Intesa's commitment to sell a 3% stake in Generali while allowing it to retain the 13.3% stake acquired through MPS.
When is the formal approval of the Intesa-MPS deal expected?
Formal approval is expected before Intesa opens the tender phase for its bid on November 23 or 24.
Why must Intesa-appointed board members at Generali be independent?
To prevent exchanges of information between Intesa and Generali, board members appointed by Intesa must be fully independent.

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