The board of Banca Monte dei Paschi di Siena, one of Italy's oldest banks, on Friday formally set out the financial terms of two voluntary public exchange offers for all the shares in Banco BPM and Banca Generali.
The combined proposal is worth around €34 billion and stands as a direct alternative to the takeover bid or Opas — a public offer combining cash and shares — launched by Intesa Sanpaolo for the same Siena-based bank. Monte dei Paschi di Siena's own offers are structured as Ops or share-only, with no cash component.
