Monte dei Paschi makes a move against the takeover bid from Intesa

Monte dei Paschi (MPS) CEO Luigi Lovaglio is considering responses to Intesa Sanpaolo's €31.4bn takeover offer, including a special dividend or a counteroffer. Options also include postponing the shareholder meeting or distributing MPS's stake in Generali. Unipol's CEO proposed acquiring MPS's legal entity and branches to create a €50bn conglomerate.

The European Investment Bank (EIB) and Intesa Sanpaolo have agreed to provide €300 million for affordable housing and student residences in Italy, potentially triggering €600 million in total investments. The funds will support projects by public and private operators, aiming to address housing demand. This aligns with the EIB's social infrastructure priorities and Intesa Sanpaolo's commitment to social lending.

Monte dei Paschi di Siena (MPS) stated that its buyout offers for Banco BPM and Banca Generali remain irrevocable even if Intesa Sanpaolo completes its takeover. MPS expects €1.8B in pre-tax benefits, with €1.4B from Banco BPM. Intesa's €35B offer awaits regulatory approval, while MPS awaits shareholder and regulatory approvals for its bids.

Citizens downgraded Option Care Health (OPCH) to Market Perform from Market Outperform after its acquisition by McKesson (MCK) and CD&R for $32.05 per share, a 37% premium. The deal values the company at $5.8B. OPCH's Q2 earnings beat expectations, with $0.45 EPS and $1.44B revenue. Analysts have mixed views on the stock.

AT&T is forming a fiber-optic joint venture with Global Infrastructure Partners (GIP), a BlackRock subsidiary, and CPP Investments. AT&T will retain a 50% stake, while GIP and CPP Investments will jointly hold the remaining 50%. The venture will target major metropolitan areas in 16 US states, accelerating AT&T's expansion. The transaction is expected to close in H1 2027, subject to regulatory approvals.

Uber agreed to acquire ezCater for $2.3B in cash. ezCater booked $2.5B in gross orders over the past year. The deal aims to expand Uber Eats into workplace catering. Uber expects the acquisition to close in coming months, subject to approvals. ezCater's last valuation was $1.6B in 2021.