Monte Paschi Bids €34 Billion for BPM, Banca Generali

Banca Monte dei Paschi is initiating a bid to acquire two separate banks, Banco BPM and Banca Generali, for a combined value of €34 billion ($40 billion). This move was made as an effort to prevent the lender from being bought by rival Intesa Sanpaolo. The all-share bids set values of €25.3 billion for Banco BPM and €8.7 billion for Banca Generali.