MPS launches Banco BPM, Banca Generali swaps to fend off Intesa bid

(ANSA) - ROME, AUG 21 - Italy's third-largest and the world's oldest bank, Monte dei Paschi di Siena (MPS), on Friday day launched two defensive share swaps with Italy's fourth biggest bank Banco BPM and with the wealth manager of Italy's top insurer Generali, Banca Generali to try to fend off a 30.6 billion unsolicited takeover bid by Italy's biggest bank Intesa Sanpaolo, the Tuscan bank said. MPS said the 34 billion operation would create a new national champions while CEO Luigi Lovaglio sa...

By ANSA