The world’s oldest bank Monte dei Paschi di Siena (MPS) is at the centre of a takeover battle after rival Intesa Sanpaolo launched a £26billion bid.
Intesa’s offer came a day after another lender, Banco BPM, said it was eyeing a deal for MPS.
Carlo Messina, Intesa’s boss, dismissed that approach as a mere ‘love letter’ as opposed to his own firm’s concrete cash and shares approach.
Messina expressed confidence in winning support for his offer saying he has ‘very good relations’ with MPS’s major investors.
Historic: The entrance to Monte dei Paschi di Siena's headquarters in Siena, Italy
