Business

Intesa Bids $35 Billion for Monte dei Paschi

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6 days ago

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There is a bidding war for the world’s oldest bank.

Italy’s Intesa Sanpaolo

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on Monday launched a $35 billion takeover offer for smaller rival Banca Monte dei Paschi BMPS 2.63%increase; green up pointing triangle di Siena, in the latest sign of consolidation in the country’s banking industry. The bid came a day after fellow Italian lender Banco BPM said it had approached Monte dei Paschi about a possible merger.

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