Delfin backs Intesa’s bid for Monte Paschi

Delfin has agreed to tender its entire 17.6% shareholding in Banca Monte dei Paschi di Siena into Intesa Sanpaolo (ISPm)’s voluntary takeover offer. This stake represents approximately 534.68 million MPS shares, making Delfin a pivotal investor in the outcome of the deal. The move gives significant support to Intesa’s attempt to acquire a controlling interest in the bank through a voluntary offer structure.

The tender undertaking means that a substantial portion of MPS’s share capital is already aligned with Intesa’s proposal before the formal offer period concludes. As the largest shareholder in MPS, Delfin’s decision reduces uncertainty around acceptance levels and signals strong backing for the transaction’s core terms.

Intesa’s voluntary takeover offer currently extends to as many as 3.04 billion MPS shares. This figure excludes around 1.02 million MPS shares that Intesa already owns. The structure allows Intesa to seek a large participation from MPS shareholders while recognizing its existing position in the bank’s capital.

The total size of the offer is not fixed and may increase under certain conditions. Specifically, the offer can grow by up to 272.01 million additional shares if a planned merger between MPS and Mediobanca (MBm) becomes effective before the close of the offer period. This mechanism is designed to ensure that the offer remains applicable to an expanded share base in the event of corporate changes at MPS.

Delfin has also committed to attend MPS’s shareholder meeting scheduled for October 29, 2026, and to vote in line with the terms of Intesa’s offer. This voting commitment adds a governance dimension to the tender agreement, as shareholder approval processes may influence how the offer can proceed.

With Delfin’s voting support, the late-October meeting becomes a key procedural step in the overall timeline of the transaction. The combination of the tender undertaking and the pledge to back the offer at the shareholder meeting enhances the likelihood that resolutions needed to facilitate the bid will receive significant investor support.

Taken together, Delfin’s full tender commitment, its voting pledge, and the scalable structure of Intesa’s offer clarify several critical parameters of the proposed takeover. A large block of shares is now effectively aligned with Intesa’s objectives, and the potential expansion of the offer accounts for possible changes in MPS’s capital through the contemplated Mediobanca (MBm) merger.

The coming weeks, and in particular the October 29, 2026 shareholder meeting, will be central to determining how quickly and on what scale Intesa’s takeover can advance. The framework now in place defines the maximum number of shares that can be acquired and underscores the influence of key shareholders on the process.