联合圣保罗提高对锡耶纳牧山银行收购报价 现金部分升至每股1.25欧元
2026年10月3日晚，意大利联合圣保罗银行（Intesa Sanpaolo）召开特别董事会，决定提高对锡耶纳牧山银行（Banca Monte dei Paschi di Siena）的自愿公开收购要约（OPAS）：每股牧山银行股票的现金对价由1欧元上调至1.25欧元，增加25欧分；换股比例维持不变，仍为每股牧山银行股票换取1.6股联合圣保罗新发行股票。
按市场测算，此次加价使要约总对价升至约314亿欧元，其中现金部分约38亿欧元。10月2日收盘时，牧山银行股价为11.278欧元、联合圣保罗为6.328欧元，原要约相对市价为折价约1.36%；现金部分上调后，新要约转为溢价约0.86%。联合圣保罗今年6月8日宣布这项针对牧山银行全部普通股的要约，此后交易一直是意大利银行业整合的主线。
加价同时附带明确条件。联合圣保罗表示，如果牧山银行10月29日的股东大会批准议程第3、4或5项中的任何一项，即牧山银行管理层提出的对Banco BPM的换股收购、对Banca Generali的换股收购，或为派发特别股息而进行的自愿减资，要约将失效，联合圣保罗不会放弃要约的生效条件，加价部分也随之取消。
牧山银行首席执行官路易吉·洛瓦利奥（Luigi Lovaglio）此前公布了替代方案：牧山银行反过来对Banco BPM和Banca Generali发起两项换股收购，宣布总价值约340亿欧元。联合圣保罗在公告中表示，其要约能为牧山银行股东带来确定、即时且可持续的价值，并对替代方案的溢价、协同效应和执行风险提出质疑。
10月29日的牧山银行股东大会因此成为这笔交易的决定性节点：股东既要表决管理层的替代扩张方案，其结果也直接决定联合圣保罗的收购要约能否继续推进。
来源：联合圣保罗银行2026年10月3日公告（经ReteFin、Informazione.news刊载）；ANSA及市场数据（经Economia Italia 2026年10月5日分析刊载）；La Mia Finanza 2026年10月报道。
Intesa Sanpaolo Raises Cash Part of Its MPS Bid to 1.25 Euros Per Share
On the evening of 3 October 2026, the board of Intesa Sanpaolo, meeting in extraordinary session, raised its voluntary public tender and exchange offer (OPAS) for Banca Monte dei Paschi di Siena: the cash component rose by 25 cents, from 1 euro to 1.25 euros for each MPS share tendered. The exchange ratio was left unchanged at 1.6 newly issued Intesa Sanpaolo shares per MPS share.
Market calculations put the total value of the improved offer at about 31.4 billion euros, of which about 3.8 billion euros in cash. At the close on 2 October, MPS shares stood at 11.278 euros and Intesa at 6.328 euros, and the original offer had stood at a discount of about 1.36 percent to the market price; with the higher cash component, the revised offer moved to a premium of about 0.86 percent. Intesa had announced the offer for all MPS ordinary shares on 8 June, and the transaction has since been the central thread of Italian banking consolidation.
The increase came with an explicit condition. Intesa said that if the MPS shareholders' meeting on 29 October approved any one of items 3, 4 or 5 on its agenda — the exchange offers promoted by MPS management for Banco BPM and for Banca Generali, or the voluntary capital reduction intended to fund an extraordinary dividend — it would not waive the offer's conditions and the bid, including the increase, would become ineffective.
MPS chief executive Luigi Lovaglio had previously set out an alternative plan under which MPS would itself launch two exchange offers, for Banco BPM and Banca Generali, with an announced combined value of about 34 billion euros. In its statement, Intesa said its own offer delivers certain, immediate and sustainable value for MPS shareholders, and questioned the premium, synergies and execution risks of the alternative project.
The MPS meeting on 29 October thus becomes the decisive step for the transaction: shareholders will vote on management's alternative expansion plan, and that vote will also determine whether the Intesa offer can proceed.
Sources: Intesa Sanpaolo statement of 3 October 2026 (published by ReteFin and Informazione.news); ANSA and market data (analysis published by Economia Italia, 5 October 2026); La Mia Finanza, October 2026.
图片来源：锡耶纳萨林贝尼宫，锡耶纳牧山银行总部所在地。摄影：Ray in Manila，CC BY 2.0，来源：Wikimedia Commons（Palazzo Salimbeni, Siena, Headquarters of Monte dei Paschi di Siena, the worlds oldest surviving bank.jpg）
