Bidding war erupts for world’s oldest bank as Italy’s Intesa gatecrashes BPM offer
Italia
A bidding war over Italy's Monte dei Paschi di Siena has erupted between rivals Intesa Sanpaolo and Banco BPM , with the two lenders vie for control of the world's oldest bank. Intesa on Monday announced an unsolicited offer of 30.6 billion euros ($35.3 billion), hoping to usurp its rival and create Europe's second-biggest bank by market capitalization. In a statement, its offer outlined a premium of 12.5% versus MPS's closing share price on Friday. Monte dei Paschi di Siena is valued at 27.
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