Monte dei Paschi di Siena's (MPS) ‌bid to buy Banco BPM and Banca Generali in order to be able to fend off a takeover by Italy's largest bank, Intesa Sanpaolo, suffered two major setbacks on Thursday.
    The first was the announcement by businessman Francesco Gaetano Caltagirone's FGC holding company, which owns over 10% of MPS, that it would vote against the acquisitions of BPM and Banca Generali at a shareholders meeting on October 29.
    The second was Olivier Gavalda, the CEO of Crédit Agricole, BPM's biggest shareholder, saying that it would reject MPS's offer for BPM.
    Furthermore, two of MPS biggest stakeholders - the Del Vecchio family's holding company Delfin with a 17.6% stake, and the Benetton family's Edizione with a 1.45% stake - have already said they back Intesa's 35 billion-euro offer for MPS.

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