Latest news with #LuigiLovaglio
Bloomberg
7 days ago
- Business
- Bloomberg
Monte Paschi Plans to Replace Mediobanca CEO, Lovaglio Says
Banca Monte dei Paschi di Siena CEO Luigi Lovaglio said he plans to replace his counterpart at Mediobanca, should he succeed in taking control of the larger rival. Lovaglio said he tried to call Mediobanca CEO Alberto Nagel but hasn't received an answer. Nagel is 'not interested in the deal,' Lovaglio said. 'So I think we have to look for a new CEO' with an international profile who can motivate and develop existing staff and attract new talent, he said. Lovaglio joined Francine Lacqua on 'Bloomberg: The Pulse (Source: Bloomberg)
Mint
11-07-2025
- Business
- Mint
Mediobanca Reiterates Opposition to Monte Paschi Takeover Bid
(Bloomberg) -- Mediobanca SpA rejected once again a takeover by Banca Monte dei Paschi di Siena SpA saying the offer is too low and the deal is lacking rationale, ahead of the start of the offer period Monday. The bank said a combination between the two lenders would be 'unnatural, and highly value-destructive,' according to a statement issued after a board meeting Friday. The board of directors also reiterated that Monte Paschi offer is 'not fair'. The deal is part of a series of competing bids that are reshaping the finance landscape in Italy. Monte Paschi, which was bailed out and nationalized before returning to private ownership, stunned investors earlier this year with an all-share offer to acquire the larger rival. Mediobanca Chief Executive Officer Alberto Nagel already dismissed a potential deal as lacking industrial and financial rationale and destructive. Monte Paschi CEO Luigi Lovaglio is instead of the opinion that his bank would benefit from the combining efforts in asset gathering, private banking, investment banking and insurance. Mediobanca said Friday that a merger would results in about €460 million of lost synergies. One of Mediobanca's main objections relates to the value. Monte Paschi is offering 25.33 new shares for every 10 in Mediobanca, valuing the target at around €14.6 billion ($17 billion), below Mediobanca's market capitalization of around €15.2 billion. The valuation is suggesting investors expect the bid to be raised. The offer carried a premium of about 5% when it was first unveiled. Still, the deal has political backing as the government in Rome, which still owns a stake in Monte Paschi, would like to build a third large banking group around the Tuscan lender, able to compete with Intesa Sanpaolo SpA and UniCredit SpA. Monte Paschi has said it wants to get at least two thirds of Mediobanca's shares, though it may still decide to waive that condition and accept a commitment of at least 35%. Both lenders are part of a complicated web of dealmaking in Italian finance, where cross-holdings, alliances and sometimes conflicting interests mean that developments in one deal have repercussions for others. Monte Paschi's plan is also backed by the billionaire Del Vecchio family and construction tycoon Francesco Gaetano Caltagirone, the two largest investors in Mediobanca. The presence of the same shareholders – namely Del Vecchio' Delfin and Caltagirone – in Paschi, Mediobanca and Assicurazioni Generali SpA 'constitutes a potential misalignment of the interests of these shareholders with those of the rest of the shareholding structure,' Mediobanca said Friday. More stories like this are available on
Reuters
03-07-2025
- Business
- Reuters
Monte dei Paschi says 35% ownership of Mediobanca would be enough
MILAN, July 3 (Reuters) - Italian state-backed bank Monte dei Paschi di Siena ( opens new tab said on Thursday securing at least 35% of Mediobanca's ( opens new tab capital under its buyout offer for the rival would be sufficient to gain effective control. In the investor document detailing the terms of the hostile bid that will kick off on July 14 and run until September 8, Monte dei Paschi said it did not have to necessarily secure two thirds of its target's share capital. That is the threshold the offer is currently subject to. However, Monte dei Paschi could waive that condition in order to ensure the offer succeeds even with a lower take-up. "The purchase of a shareholding between 35% and 50% of Mediobanca's voting share capital would enable Monte dei Paschi to obtain de facto control, by exercising a dominant influence at the ordinary shareholders' meeting of Mediobanca and impacting the general course of management," it said. Monte dei Paschi was rescued by the state in 2017 after a decade at the centre of Italy's slow-moving banking crisis. It has since been restructured and has returned to profit under Chief Executive Luigi Lovaglio. Since failing to clinch a sale of the Siena-based bank to UniCredit ( opens new tab in 2021, Rome has strived to use the privatisation of Monte dei Paschi as a way to create a third large banking player in the country alongside market leaders Intesa Sanpaolo ( opens new tab and UniCredit. UniCredit's bid for smaller peer Banco BPM ( opens new tab in November deprived Monte dei Paschi of the merger partner the Italian government had wished for, triggering the surprise bid for larger rival Mediobanca in January.
Yahoo
13-06-2025
- Business
- Yahoo
Norges Bank and Banca Mediolanum to back Mediobanca's bid for Banca Generali
MILAN (Reuters) -Norway's sovereign wealth fund Norges Bank and Italian asset manager Banca Mediolanum on Wednesday joined a group of Mediobanca shareholders supporting its bid for private bank Banca Generali. Mediobanca in April proposed buying Banca Generali from insurer Generali as it in turn seeks to stave off a buyout from Banca Monte dei Paschi (MPS). It must gain shareholders' approval to pursue the Banca Generali deal in a meeting next Monday, June 16. A high attendance of around 80% is expected at the assembly, according to a source close to the situation. The outcome of the vote appears hard to call at this stage. Mediobanca Chief Executive Alberto Nagel has promoted the Banca Generali deal as an alternative to the MPS plan, while MPS CEO Luigi Lovaglio stated that Mediobanca investors could support the Banca Generali deal and still tender their shares under the Tuscan bank's bid. Italian tycoon Francesco Gaetano Caltagirone, a major shareholder in Mediobanca with a nearly 10% stake and also an investor in MPS, has criticised the industrial rationale of the Banca Generali deal and called on Mediobanca's board to delay the shareholder vote, citing insufficient details about the transaction. Delfin, the holding company of Italian billionaire Leonardo del Vecchio's heirs and Mediobanca's largest investor with a 19.8% stake, as well as a major MPS shareholder, has not yet disclosed its voting intentions. Norges Bank Investment Management (NBIM), which holds a 1.45% stake in Mediobanca, detailed its intentions in a table on its website. However it also voted in favour of a new share issue proposed by MPS to fund its bid for Mediobanca in April. A group of Italian shareholders in Mediobanca, including Banca Mediolanum and collectively holding an 11.9% stake in the merchant bank, expressed support last week for the Banca Generali bid. They signed a consultation agreement in 2018 with no restrictions on voting at the ordinary and extraordinary general shareholders' meetings. Several institutional investors, including CalPERS, Calvert and Praxis Investment Management, have also said they would vote in favour of the Banca Generali bid. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
05-06-2025
- Business
- Reuters
MPS CEO upbeat on Mediobanca bid take-up, but crossing 50% enough for tax benefits
MILAN, June 5 (Reuters) - Monte dei Paschi ( opens new tab CEO Luigi Lovaglio on Thursday expressed confidence on a high take-up for his bank's bid for Mediobanca ( opens new tab, although a level of 50% plus one share is sufficient to unlock tax benefits and reward investors. 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)
