Italy’s market regulator, Consob, approved Intesa Sanpaolo’s offer documents for its takeover offer for Monte dei Paschi. According to Sina Finance, the offer is valued at €35.04 billion ($39.05 billion) and is set to launch later this month. Unless extended, the acceptance period will run from November 24 through January 22 of the following year. On January 29, the fifth trading day after the period ends, Monte dei Paschi shareholders will receive €1.25 in cash and 1.664 Intesa Sanpaolo shares for each share tendered. Based on Friday’s closing prices, the offer values Monte dei Paschi at about €35.04 billion, while Intesa Sanpaolo has a market capitalization of about €107.78 billion. Monte dei Paschi, widely considered the world’s oldest bank still in operation, had sought to fend off the offer. Its CEO, Luigi Lovaglio, proposed two acquisitions as a defense, but shareholders overwhelmingly rejected both plans last month. Monte dei Paschi has not formally accepted or rejected Intesa Sanpaolo’s offer and said on Friday that it is evaluating it, with plans to complete its review by the end of this month.