Monte dei Paschi di Siena, Italy's oldest bank, proposes a €15.992 per share acquisition of Mediobanca, aiming to create a powerful 'Italian champion' in the financial sector. This ambitious deal is subject to shareholder approval and faces skepticism from analysts.
Monte dei Paschi di Siena, the world's oldest bank, has announced an ambitious bid to acquire Mediobanca , a leading Italian financial services group, in a deal valued at roughly €15.992 per share. The offer, which requires shareholder approval at a meeting scheduled for April 17, proposes 23 of Monte dei Paschi's shares for every 10 shares of Mediobanca . This represents a 5% premium to Mediobanca 's closing price on January 23rd.
Monte dei Paschi, under the leadership of UniCredit veteran Luigi Lovaglio, has witnessed a remarkable turnaround since its state rescue in 2017. The bank expects substantial pre-tax benefits of €700 million annually from the acquisition, leveraging tax credits from past losses and adding €500 million per year for the next six years. The transaction, aimed at closing by the end of September, is projected to create a powerful Italian financial champion with a diversified business mix. While Monte dei Paschi CEO Luigi Lovaglio sees this as a strategic opportunity, analysts at KBW have expressed skepticism, highlighting limited synergy potential and a lower chance of success. The deal adds fuel to the ongoing consolidation trend in Italy's banking and financial sectors. UniCredit, Italy's second-largest bank, recently proposed a takeover of Anima Holding, a prominent fund manager, while Monte dei Paschi itself was a potential target for UniCredit until negotiations collapsed in 2021. The Italian government, holding a 11.73% stake in Monte dei Paschi, sees this move as a positive step towards reprivatizing the lender
Finance Monte Dei Paschi Mediobanca Acquisition Italy Banking Financial Services Consolidation Luigi Lovaglio
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