The tension stems from Monte dei Paschi’s recent attempt to thwart the takeover by unveiling 36 billion euro plans to acquire Banco BPM and Banca Generali. These counter-bids force a shareholder showdown scheduled for October 29, which serves as the critical juncture for the Tuscan lender’s independence strategy. According to the source, the defensive bids carry no weight unless they secure explicit approval from the bank's investors.

Should those acquisitions proceed, Intesa retains the contractual right to terminate its own offer. Despite these complications, the firm intends to address Consob’s recent queries with total transparency to ensure the formal approval of its prospectus. Intesa’s own shareholders are slated to vote on the acquisition on September 10, with the tender period currently anticipated to begin in October following necessary supervisory clearances.