MPS CEO upbeat on Mediobanca bid take-up, but crossing 50% enough for tax benefits
Speaking to Sky TG 24, Lovaglio said he saw no reason why banking supervisors should subject the Monte dei Paschi bid to minimum take-up thresholds.
"It hasn't done so with any of the bids, so I don't think it's an issue. I'm confident we can launch the offer in early July and reach a good take-up," he said.
By securing half of Mediobanca's capital plus one share, MPS can consolidate their financial accounts and unlock 1.2 billion euros ($1.4 billion) in tax credits, boosting profits and increasing shareholder remuneration.
"We're determined to reach the take-up threshold [of 66.67%] we're currently targeting," he added.
($1 = 0.8750 euros)
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