The offer for Banco BPM values the lender at €25.3bn, while the bid for Banca Generali values it at €8.7bn.

Monte dei Paschi clears €34 billion twin bid for Banco BPM and Banca Generali to fend off Intesa Sanpaolo, creating a stronger, bigger €80 billion Italian bank.View on euronews

The all-share bids for Banco BPM and Banca Generali comes as Monte dei Paschi fights off a takeover offer from Intesa Sanpaolo.

Banca Monte dei Paschi di Siena said it is launching all-share bids for Italian peers Banco BPM and Banca Generali with a total value of $39.73 billion.

Banca Monte dei Paschi is seeking to buy two separate banks for a combined value of 34 billion ($40 billion) as it seeks to prevent being bought by rival Intesa Sanpaolo. The Italian lender said it's launching an all-share bid for Banco BPM valuing it at 25.3 billion and another one for Banca Generali valuing it 8.7 billion, according to a statement Friday, confirming an earlier Bloomberg News report. Tommaso Ebhardt reports from Milan.

Investing.com -- Monte dei Paschi di Siena is preparing twin all-share takeover bids for Banco Bpm SpA (BIT:BAMI) and Banca Generali (BIT:BGN) as it seeks to block an unsolicited acquisition attempt by Intesa Sanpaolo, according to a report from the Financial Times. A majority of the board at the Tuscan lender has backed the plan, which aims to forge an enlarged financial group boasting a combined market capitalization of approximately €70 billion. Under the proposed structure, MPS would launch

CEO Luigi Lovaglio's plan aims to bolster MPS and fend off Intesa Sanpaolo's 30.5-billion-euro Opas. Approved with nine votes in favour and four abstentions.View on euronews

The Italian bank said that it is analyzing, together with advisors, its strategic options as rival Intesa Sanpaolo proceeds with a $35 billion takeover bid.

Net Fees and Commission: Slight increase in Q2; net fees and income from insurance reached 1.500 billion, up 3.2% year-over-year. The company raised its cumulative shareholder remuneration target from 6 billion to 7 billion over the plan horizon, including a proposed increase in interim dividend to 0.50 per share.

The French bank preferred combining Banco BPM with its own Italian operations over merging the two Italian lenders.

BPM said Friday that conditions for reaching an agreement with Monte dei Paschi hadn’t been met nearly two months after it sent its proposal, and that its board decided to discontinue discussions regarding a potential combination. Monte dei Paschi acknowledged the move and said it remained focused on the implementation of its business plan and the integration of recently acquired Mediobanca while continuing to evaluate any strategic option in the interest of its shareholders. Monte dei Paschi last year bought Mediobanca, while UniCredit —which is nearly two years into an effort to take over Germany’s Commerzbank —first proposed to buy BPM and later withdrew its bid.