Banca Monte dei Paschi di Siena announced on the 21st a simultaneous all-share acquisition proposal for rival Banco BPM and private bank Banca Generali valued at approximately €34 billion. MPS will issue 1.567 new shares for each Banco BPM share and 6.958 new shares for each Banca Generali share. The offers, valued at €25.3 billion and €8.7 billion respectively, include a special dividend to shareholders totaling €4 billion. If completed, the deal would create Italy’s third-largest banking group by assets, with a pro forma balance sheet of approximately €466 billion and financial assets under management and administration exceeding €810 billion. Annual pre-tax synergies are estimated at €2.6 billion. The proposal counters Intesa Sanpaolo’s unsolicited €36 billion hostile takeover attempt launched in June. Completion is targeted for mid-February 2027 and requires shareholder and regulatory approvals. The move occurs amid accelerated consolidation in Italy’s banking sector, complex cross-shareholdings, and MPS’s post-2017 restructuring.