Monte dei Paschi, Italy's oldest bank, has made a bid to acquire Mediobanca, valuing its shares at roughly €15.992 each. This move reflects a growing trend of mergers and acquisitions in Italy's banking sector, aiming to consolidate the financial landscape.
Offering 23 of its shares for 10 of its acquisition target, Monte dei Paschi values Mediobanca's stock at roughly €15.992 each, a 5% premium to the close price of Jan. 23.
Monte dei Paschi, the world's oldest bank, required a state rescue in 2017 after years of crippling losses, but has turned the tides of its fortunes under the leadership of UniCredit veteran Luigi Lovaglio.Offering 23 of its shares for 10 of its acquisition target, Monte dei Paschi values Mediobanca's stock at roughly €15.992 each, a 5% premium to the close price of Jan. 23.The equity of Monte dei Paschi was worth 8.7 billion euros as of the Jan.
"The transaction could contribute to complete the dynamics of the Italian financial system, in the context of strong consolidation," Italian banking union Fabi said after the offer announcement, according to a CNBC translation."MPS, historically at the center of complex events, is now moving in an ambitious direction. The bid confirms, among other things, that MPS has completely recovered.
The Friday offer adds to a picture of heating M&A appetite in Italy's banking and financial services sector, where the country's second-largest bank UniCredit previously offered to buy out, which in turn seeks to acquire fund manager Anima Holding. Monte dei Paschi was itself a potential takeover target for UniCredit until talks recently collapsed in 2021.
BANKING ITALY MERGERS AND ACQUISITIONS FINANCIAL SECTOR Consolidation
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