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€34.02 billion is what Banca Monte dei Paschi di Siena put on the table Friday: €25.3 billion for Banco BPM and €8.72 billion for Banca Generali, the two figures summing to the headline.
Both are all-share offers, launched as Monte dei Paschi simultaneously defends against a cash-and-stock takeover from Intesa Sanpaolo, which entered the picture in June.
The proposed combination would rank Monte dei Paschi as Italy's third-largest bank by total assets.
The bank projects a pro forma balance sheet of roughly €466 billion ($545 billion), with total financial assets it expects would exceed €810 billion across banking, advisory and wealth management lines.
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