Intesa Offers to Buy Monte Paschi in 30.6 Bid

Intesa Sanpaolo offered to buy Banca Monte dei Paschi di Siena for 30.6 billion ($35.3 billion). The Milan-based bank will offer 1.6 of its own shares and 1 in cash for each Monte Paschi share. The bid comes the day after Banco BPM pitched its own merger with Monte Paschi, considered to be the world's oldest bank. Bloomberg's Manuel Baigorri reports.