By Valentina Za
Milan (Reuters) – Monte Dei Paschi Di Siena (MPS), bailiff lender, announced on Friday the launch of a share buy -back offer of 13.3 billion euros ($ 13.9 billion) on Mediobanca ( OTC :), as part of the last surprise of a complex Italian banking saga.
Monte Dei Paschi (MPS), who has been problem with the Italian banking sector for years until the 2017 rescue plan, offers 23 of his own actions for 10 MediBanca actions brought, which is equivalent to a premium of 5 % from Thursday’s closing course.
Mediobanca has a market value of 12.7 billion euros, against a capitalization of Monte Dei Paschi by 8.8 billion.
The takeover offer follows the Italian desire to reprivatize the Tuscan bank, which joined as shareholders in November Delfin, the company Holding of the deceased billionaire Leonardo del Vecchio, and its colleague Magnat Francesco Gaetano Caltagirone.
Delfin is the main shareholder of MediBanca with a 19.8 %participation, while Caltagirone holds 7.8 %.
Delfin almost tripled his initial participation in MPS, at 9.8 % in January.
Mediobanca, Caltagirone and Delfin are all important shareholders of the insurer Generali (bit :), representing nearly a third of its capital.
Caltagirone, who had also initially bought 3.5% of Monte Dei Paschi, brought it to 5% in November.
MPS has successfully restricted in recent years under the direction of CEO Luigi Lovaglio, a seasoned framework of Unicredit.
Italy, while it has gradually reduced its participation to 11.7 % against 68 % initially, seeks a partner for MPS, which, like other medium -sized banks, is faced with long -term challenges due to the need for significant technological investment and the threat of non-fundamental. -The actors of the bank.
Since one one who has given up an agreement in 2021, the treasure has worked on a possible merger with Banco BPM, which became a shareholder of MPS alongside Delfin and Caltagirone in November.
This project was thwarted by the decision of Unicredit, at the end of last year, to launch an offer of buyout from Banco BPM, CEO Andrea Orcel having declared that his bank could not afford to be put to the gap in the consolidation process.
(1 $ = 0.9568 euros)
