Intesa Sanpaolo stock advances as MPS offer terms adjust

Intesa Sanpaolo stock traded at 6.20 euros on Lang & Schwarz at 12:05:37 CET on Saturday, November 7, 2026. The Italian bank enters the new week with record nine-month earnings and further changes to its public offer for Banca Monte dei Paschi di Siena.

Intesa Sanpaolo said on November 3 that net income for the first nine months reached 8.2 billion euros, including more than 2.6 billion euros in the third quarter. The bank raised its 2026 net income guidance to well above 10 billion euros despite an almost 1 billion euro tax impact from Italy's 2026 Budget Law, according to Intesa Sanpaolo.

MPS terms move with dividend

On the same day, Intesa Sanpaolo said it had raised the exchange ratio in its voluntary public tender and exchange offer for MPS to 1.664 newly issued Intesa shares for each MPS share, from 1.600. The adjustment offsets the approved 22-euro-cent interim dividend, which is scheduled to detach on November 23 and be paid on November 25, according to the bank's press release.

The results add operating momentum to the transaction backdrop. Annualised return on equity reached 21% and annualised return on tangible equity 26%, while earnings per share increased 10% year on year. Intesa Sanpaolo also said it expects to return 9.4 billion euros to shareholders through dividends and buybacks in 2026.

For investors, the next focus is the formal offer documentation and the timetable for shareholder participation. The transaction remains subject to its stated conditions and procedures, so the revised exchange ratio clarifies the share consideration but does not complete the takeover.

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