Intesa Sanpaolo shareholders on September 10 overwhelmingly approved the issuance of up to 5.7 billion new ordinary shares, advancing the Italian banking group’s €35.4 billion takeover offer for Banca Monte dei Paschi di Siena. The measure received 97% of votes cast, with shareholders representing 63.9% of total share capital participating. Intesa launched the unsolicited offer on June 8 at roughly €30.6 billion and later increased it to approximately €35.4 billion, offering 1.6 new Intesa shares and €1 in cash for each MPS share, or €10.09 per share. The transaction would give Intesa about 13% of Generali, control of Mediobanca and half of MPS’s branch network. MPS, rescued by the Italian state in 2017 and reprivatised during 2023-2024, is defending itself with all-share bids worth €37 billion for Banco BPM and Banca Generali. MPS shareholders are due to vote on the defence plan on October 29, while Intesa awaits European Central Bank and antitrust approvals. The tender offer is expected to begin after the vote, with Intesa aiming to complete it by the end of December. The combined bank would serve more than 27 million clients and manage about €2 trillion in customer financial assets by 2029, while Intesa forecasts €2.9 billion in annual gross synergies by that year. To address competition concerns, Intesa agreed with Unipol Assicurazioni to sell approximately 635 MPS branches and related assets in the second half of 2027, subject to regulatory clearance. The contest is unfolding amid a broader Italian banking consolidation wave, with UniCredit’s 9% Generali stake giving it influence and Banco BPM and Banca Generali viewed as potential targets for UniCredit.