Intesa's offer for rival Banca Monte dei Paschi di Siena looks rushed, Baader says. The Italian lender made a $35 billion cash-and-share offer for MPS shortly after competitor Banco BPM said it was itself mooting a merger with the smaller bank. Given the governance turmoil that has shrouded MPS recently, Intesa's move "appears rushed and driven more by political than industrial considerations, even though the latter do exist," Baader notes. "Intesa has never shown the slightest interest in BMPS in the past," the Swiss bank says. "Why wait so long to express it?" (joshua.kirby@wsj.com; @joshualeokirby)