Latest news with #MonteDeiPaschi
Reuters
an hour ago
- Business
- Reuters
Mediobanca investor Delfin will keep assessing 'very interesting' Monte Paschi bid, chairman tells paper
ROME, July 29 (Reuters) - Mediobanca's ( opens new tab biggest investor, Delfin, will continue to assess Monte dei Paschi's "very interesting" offer for the merchant bank, the chairman of the holding said on Tuesday. "Any possible adjustment in the bid which will reflect Mediobanca's market price would make the offer more attractive for investors," Francesco Milleri said in an interview with Italian daily Corriere della Sera. Delfin, the holding company of late Ray-Ban billionaire Leonardo Del Vecchio, owns 19.8% in Mediobanca and 9.866% in Monte dei Paschi. Earlier this month, Mediobanca renewed its opposition to MPS' 14.6 billion euro ($16.92 billion) takeover offer, saying the price was "totally inadequate" and some 32% lower than what the bank's board deemed fair. Delfin became investor in Monte dei Paschi when the Italian Treasury in November sold a stake in the bank. ($1 = 0.8631 euros)
Reuters
5 days ago
- Business
- Reuters
Italy's MPS focused on Mediobanca deal, CEO says after UniCredit drops BPM bid
MILAN, July 24 (Reuters) - Italy's Monte dei Paschi ( opens new tab is focused on its takeover offer for Mediobanca ( opens new tab, its chief executive said on Thursday, adding further deals would be something the state-backed bank could consider only in the future. In a television interview with Class CNBC, Monte dei Paschi (MPS) CEO Luigi Lovaglio was asked about the implications for MPS of UniCredit ( opens new tab ditching its buyout offer for Banco BPM ( opens new tab. Banco BPM acquired a stake in MPS in November, just before UniCredit's swoop. It has long been seen as the government's favourite merger partner for MPS. UniCredit's withdrawal has revived speculation about a BPM-MPS tie-up becoming a possibility. "We are focused on the Mediobanca deal," Lovaglio said when asked if he had spoken to Banco BPM CEO Giuseppe Castagna after UniCredit's decision to abandon the bid. Lovaglio reiterated his view that the combination with Mediobanca would give MPS a scale that would allow the Tuscan bank to take part in a second round of consolidation that Lovaglio sees taking place in a couple of years. "Once we close this deal we'll have excess capital which one can use either for a deal or to give it back to shareholders, we'll assess it then," he said. He also ruled out an improvement of the price of the Mediobanca bid. "The price offered is fair if you take into account the current valuation of the two companies and the fact that after the deal there will certainly be a major re-rating," Lovaglio said. He expressed confidence that take-up of the bid would reach the targeted threshold of 66.7%, even though MPS set the minimum threshold at 35%, which it considers sufficient to control the rival. Mediobanca this month renewed its opposition to the takeover offer, saying the price was "totally inadequate" and around a third lower than what the bank's board deemed fair.
Yahoo
5 days ago
- Business
- Yahoo
Monte dei Paschi not considering raising Mediobanca bid, CEO says
MILAN (Reuters) -Italy's Monte dei Paschi is not considering improving its all-share bid for Mediobanca as the current price is fair, the Tuscan bank's chief executive said in an interview with Class CNBC on Thursday. "The price offered is fair if you take into account the current valuation of the two companies and the fact that after the deal there will certainly be a major re-rating," MPS CEO Luigi Lovaglio said. He reaffirmed that he is confident that the bank can get a stake of over 67% of Mediobanca, even though the minimum threshold was set at 35%, which was considered sufficient to control the rival bank. Mediobanca this month renewed its opposition to the takeover offer, saying the price was "totally inadequate" and around a third lower than what the bank's board deemed fair. 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
5 days ago
- Business
- Reuters
Monte dei Paschi not considering raising Mediobanca bid, CEO says
MILAN, July 24 (Reuters) - Italy's Monte dei Paschi ( opens new tab is not considering improving its all-share bid for Mediobanca ( opens new tab as the current price is fair, the Tuscan bank's chief executive said in an interview with Class CNBC on Thursday. "The price offered is fair if you take into account the current valuation of the two companies and the fact that after the deal there will certainly be a major re-rating," MPS CEO Luigi Lovaglio said. He reaffirmed that he is confident that the bank can get a stake of over 67% of Mediobanca, even though the minimum threshold was set at 35%, which was considered sufficient to control the rival bank. Mediobanca this month renewed its opposition to the takeover offer, saying the price was "totally inadequate" and around a third lower than what the bank's board deemed fair.
Yahoo
16-07-2025
- Business
- Yahoo
Italy's Mediobanca says MPS bid's value a third lower than fair
By Valentina Za MILAN (Reuters) -Mediobanca on Friday renewed its opposition to Monte dei Paschi's takeover offer, saying the price was "totally inadequate" and some 32% lower than what the bank's board deemed fair. Monte dei Paschi's (MPS) 14.6 billion euro ($17 billion) all-share bid for Mediobanca is one of a dozen takeover bids reshaping Italian finance. BPER Banca on Friday said it had acquired 58.5% of Banca Popolare di Sondrio as it concluded its bid, after improving the all-stock offer with a 1 euro per share cash top-up. MPS targeted Mediobanca in January after UniCredit in November bid for Banco BPM, the merger partner favoured by Italy's government for MPS - which Rome rescued in 2017 and had been returning to private hands. Mediobanca said advisers Centerview Partners, Goldman Sachs and Equita SIM had provided fairness opinions which, on average, showed the offer's exchange ratio should be of 3.71 MPS shares for each Mediobanca share tendered. MPS is offering instead 2.533 of its own stock for each Mediobanca share. Mediobanca said a combination such as the one proposed by MPS had often proven a failure in the past. MPS, which for years epitomised Italy's banking woes, is looking to combine its commercial franchise with Mediobanca's branch-less operations comprising consumer finance, investment banking and wealth management. It would run the two groups separately but sell Mediobanca products to MPS customers or use the commercial bank to support Mediobanca's other businesses. Mediobanca noted that "previous mergers between commercial banks and wealth managers/private banks ... have often led to goodwill write-downs and reductions in assets under management." To fend off MPS, Mediobanca had proposed focusing its business on wealth management by buying private bank Banca Generali from Generali - Italy's biggest insurer in which Mediobanca is the single largest investor. The Banca Generali bid, which Mediobanca has been forced to delay, would see Mediobanca use its stake in Generali as payment, severing its historic ties with the insurer. Those ties have long been criticised by Italy's Del Vecchio and Caltagirone billionaire families, who are leading shareholders in both Generali and Mediobanca. The two families have now become key MPS investors and are expected to support its bid for Mediobanca. The Milanese bank, which was born after World War Two to fund the country's reconstruction and used to pull the strings of Italy Inc, complained about potential conflict of interest given interlocking shareholdings. "The presence of the same shareholders ... in MPS, Mediobanca and Assicurazioni Generali in the context of an offer exclusively in shares also constitutes a potential misalignment of the interests of these shareholders with those of the rest," it said. ($1 = 0.8552 euros)
