Delfin backs Intesa Sanpaolo's bid to take over MPS

Delfin, the holding company of the Del Vecchio family, has thrown its weight behind Intesa Sanpaolo’s takeover bid for Monte dei Paschi di Siena, dramatically altering the landscape of Italian finance.

According to En.ilsole24ore, Delfin has undertaken to accept Intesa Sanpaolo’s public takeover offer with its entire holding in Rocca Salimbeni. The commitment covers attendance at ordinary and extraordinary general meetings convened by MPS and voting consistently with the terms of the offer. This pivotal backing comes as Dailysabah reports that Italy's largest lender, Intesa Sanpaolo, launched a massive bid for its rival, the world's oldest bank.

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Intesa stated that its proposal would create the second-largest bank in the eurozone by market value, operating with a network of 3,000 branches. The bidding bank argued that the financial and banking sector requires consolidation projects capable of supporting necessary investments. Larger banking groups can compete with new players and maintain adequate profitability in an integrated market, according to the lender.

A successful transaction would rank among the country's biggest banking deals ever. It would place Intesa behind Spain's Santander in market value, surpassing France's BNP Paribas and domestic rival UniCredit, which has been focused on growing its German business by acquiring Commerzbank.

Intesa Chief Executive Carlo Messina noted that the offer was friendly towards MPS investors, expressing confidence in securing their support by the time the bid concludes. Speaking on a call, Messina highlighted his good terms with the two principal investors, Delfin and businessman Francesco Gaetano Caltagirone, noting that a cash component was offered precisely to win them over, as reported by Dailysabah.

Intesa's offer entailed a premium compared to the closing share price of MPS, giving the target bank a substantial market valuation. Following the announcement, shares in MPS jumped while those in Intesa lost ground.

The maneuver serves as a direct challenge to Banco BPM, which had stated its intention to invite MPS to discuss a potential merger of equals to create a new national champion. Intesa's move sidelines Banco BPM, which had long been viewed as the leading candidate to merge with MPS. Messina characterized Banco BPM's approach as a love letter rather than a concrete offer. Under Italian takeover rules, Intesa's formal bid prevents MPS from agreeing on the terms of a deal with Banco BPM without prior shareholder approval.

To address competition issues, Intesa struck a deal with insurer Unipol to sell a banking business comprising 635 MPS branches—roughly half the total—along with MPS central offices in Siena, should the takeover succeed. Unipol serves as the main investor in smaller bank BPER Banca and acts as an Intesa ally.

As Economia Italia details, the broader 2026 banking "Risiko" involves a web of strategic moves across Italy and Europe. The modern consolidation wave began with UniCredit's move for Banco BPM, followed by MPS launching a voluntary total share exchange offer for Mediobanca. Because Mediobanca holds a significant stake in insurer Generali, controlling Mediobanca means influencing Generali, tying the entire banking war directly to the heart of Italian capitalism.

What happens next depends on upcoming corporate milestones and regulatory reviews. The extraordinary MPS shareholders' meeting is set for September 10, 2026, while Delfin's formal vote is scheduled for 29 October 2026. Market analysts emphasize that the entire takeover process is unlikely to conclude before the end of the year or early 2027, as regulatory authorities, antitrust bodies, and government stakeholders evaluate the reshaping of Italy's financial sector.