By Sonia Sirletti | Updated on Oct 11, 2026 at 02:23 PM
Banca Monte dei Paschi di Siena SpA has called an extraordinary board meeting for Monday to review the M&A situation following Intesa Sanpaolo SpA’s increased offer, people familiar with the matter said.
The board is set to meet in Siena at 6 p.m. local time, the people said, asking not to be identified discussing private information. A spokesperson for Paschi declined to comment.
Chief Executive Officer Luigi Lovaglio proposed separate bids for Banco BPM SpA and Banca Generali SpA in August in an effort to thwart a takeover of the Tuscan lender by larger rival Intesa.
The plan, however, is now in doubt after Paschi’s two largest shareholders said they don’t support it and Intesa raised its offer, making completion conditional on Paschi shareholders rejecting the two proposed acquisitions.
Paschi needs the backing of at least two thirds of votes cast at a shareholder meeting scheduled for Oct. 29 to proceed with the bids.