Monte Paschi Adds €750 Million in Cash to Its Mediobanca Bid

Banca Monte dei Paschi di Siena SpA added as much as €750 million ($877 million) in cash to its bid for Mediobanca SpA and lowered the acceptance threshold, closing in on a plan to create Italy’s third-largest bank.

With the offer’s acceptance period set to end on Sept. 8, Monte Paschi said it will pay an additional €0.90 for each Mediobanca share tendered, according to a statement on Tuesday. It previously only offered 2.533 own shares for each one in Mediobanca.