MILAN, Nov 10 (Reuters) - The European Central Bank has called for a "cautious approach to dividend distribution" in approving Intesa Sanpaolo's €34.5 billion ($38.5 billion) acquisition of Monte dei Paschi di Siena, the offer's investor document showed.

Intesa published the offer's prospectus on Tuesday after receiving on Sunday approval from Italian markets regulator Consob ahead of kicking off the tender period on November 24.

Intesa said the ECB's clearance contained so-called ancillary provisions, such as the requested for a detailed integration plan within six months after the deal closes.

The ECB has recommended Intesa maintains capital buffers adequate to the "complexity and execution risks" of the transaction.

Intesa's distribution policy includes a cash dividend payout ratio of 75% of profits with up to another 20% of profits potentially to be paid out as share buybacks following a yearly assessment it carries out after seeing how earnings fared.

($1 = 0.8968 euros)

(Reporting by Valentina Za, editing by Alvise Armellini)

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