economy
Bidding war underway for world's oldest bank, Italy's Banca Monte dei Paschi di Siena
Rome — A bidding war is underway for the world's oldest bank, Italy's Banca Monte dei Paschi di Siena (MPS).
TL;DR
- A bidding war is occurring for Banca Monte dei Paschi di Siena (MPS), founded in 1472.
- Intesa Sanpaolo and Banco BPM have submitted competing bids for MPS.
- A merger could create Italy's second-largest lender, with a market capitalization around 50 billion euros.
- Concerns exist regarding potential French influence over MPS through Banco BPM's major shareholder, Crédit Agricole.
- MPS holds significant stakes in Generali Insurance and Italian government bonds, making its control strategic.
- Italy's nationalist government, led by Prime Minister Giorgia Meloni, is concerned about foreign influence over strategically important companies.