Intesa Sanpaolo secures backing from Delfin Sarl for Paschi bid

Delfin Sarl: Delfin Sarl serves as the primary investment holding company for the Del Vecchio family, managing significant stakes in Italian financial institutions. It is the largest private shareholder in Banca Monte dei Paschi di Siena and has formally committed to supporting Intesa Sanpaolo's revised takeover offer. The holding's board reached a unanimous decision to back the bid. Intesa Sanpaolo: Intesa Sanpaolo is Italy's largest bank by assets, providing retail, corporate, and wealth management services across the country. It recently raised the cash element of its voluntary public tender and exchange offer for Banca Monte dei Paschi di Siena following a board meeting. The move aims to secure greater shareholder support in the ongoing takeover process. Banca Monte dei Paschi di Siena: Banca Monte dei Paschi di Siena is a major Italian lender with a long operating history and a focus on retail and commercial banking. Its CEO has advanced counter-proposals involving acquisitions of other Italian banks that shareholders will vote on later this month. Intesa Sanpaolo's sweetened bid targets the Siena-based institution. Bid Enhancement: Intesa Sanpaolo increased the cash portion of its offer after an extraordinary board meeting to strengthen its position ahead of key shareholder votes. Competing Strategy: The takeover contest involves parallel plans by the target bank's leadership for separate acquisitions, which Intesa has tied to conditions in its own proposal. Shareholder Backing: Delfin Sarl, the target's biggest private shareholder, has pledged to tender its shares and vote consistently with the terms of Intesa Sanpaolo's offer.