Intesa Sanpaolo bets on shareholder sway in €30 billion bid for MPS

The unsolicited offer for the world’s oldest bank arrives as the Italian financial sector navigates a wave of consolidation. Intesa moved aggressively after Banco BPM approached MPS regarding a potential merger, forcing a swift response. To satisfy regulators, Intesa plans to sell a significant network of branches and the MPS brand to insurer Unipol, which would integrate the assets into BPER, a bank where Unipol maintains a controlling influence. Unipol Chairman Carlo Cimbri signaled the group's intent, stating that Intesa has entered the fray with the firm resolve to win.

Success hinges on the influence of Delfin, the holding company of the late Leonardo Del Vecchio, and billionaire Francesco Gaetano Caltagirone. Together, these investors control 27.5% of MPS. While neither has issued a formal position, Messina remains optimistic about their support. Delfin is currently navigating an internal power struggle among its heirs, though its leadership has previously emphasized a commitment to bolstering the Italian economy through banking investments. Unlike previous attempts by UniCredit to acquire rivals, which collapsed under government pressure, Intesa expects the Meloni administration to remain on the sidelines. By preserving the historic MPS brand through the Unipol arrangement, Intesa hopes to sidestep the political friction that often accompanies large-scale domestic consolidation.