Banco BPM investor Leone says any MPS deal an option only after Mediobanca bid ends
Banco BPM has said it will now look at strategic options, as a consolidation round sweeps Italian banking, after UniCredit (CRDI.MI), opens new tab this month dropped its hostile takeover bid for BPM.
"Any transaction that makes strategic sense will be welcomed, hopefully with the government's backing," the financier said, cautioning against any decision being made before September 8, when MPS' 14.6 billion euros ($16.9 billion) all-share bid for Mediobanca end.
"How can you know the value of MPS without knowing how many shares of Mediobanca it will come to own?," Leone told Italian newswire Ansa in an interview.
The combination between MPS and Banco has long been favoured by the Italian Treasury and UniCredit's withdrawal has revived speculation about a possible merger between the two lenders.
Leone, a long-standing shareholder in Banco BPM, historically owns just below 5% of the Milanese bank.
A regulatory filing last week showed the stake had risen to 8.2% but a spokesperson for Leone said the part exceeding around 5% is the result of derivatives built to hedge the position which are periodically rolled over.
On Thursday, MPS CEO Luigi Lovaglio said the bank was focused on its takeover offer for Mediobanca and that further deals would be something the state-backed bank could consider only in the future.
Lovaglio did however reiterate that a combination with Mediobanca would give MPS a scale that would allow the Siena-based bank to take part in a second round of consolidation, which he expects to take place within a couple of years. ($1 = 0.8648 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
an hour ago
- The Independent
Italy to fulfil ancient Roman ambition with bridge to Sicily
Italy is reportedly set to approve the construction of the long-awaited Strait of Messina bridge next week. The 2.2-mile suspension bridge will connect Calabria on mainland Italy with Messina in Sicily. Prime Minister Giorgia Meloni has allocated €13.5bn (£11.8bn) for the project, which has been an ambition since Roman times. Construction will be led by the Italian company Webuild and overseen by the Messina Strait company. Scheduled for completion in 2032, the bridge will accommodate up to 200 trains per day and 6,000 vehicles per hour.
Reuters
3 hours ago
- Reuters
Kering in talks with Qatar for sale of Milan building, Corriere says
ROME, Aug 2 (Reuters) - Gucci-owner Kering ( opens new tab is in talks with a member of the Qatari royal family for the sale of a building in Milan's top shopping avenue, Italian daily Corriere della Sera reported on Saturday. The deal could help the French luxury group cut its debt, which ballooned to more than 10 billion euros ($11.58 billion) in 2024, following a series of expensive acquisitions. Among them was the 18th century property in Via Montenapoleone, which the French group bought from Blackstone for 1.3 billion euros in April last year. Corriere said Kering was looking at selling a majority stake in the company through which it owns the building, based on a "similar valuation". It added that the buyer would be a vehicle linked to former Qatari Prime Minister and real estate billionaire Hamad bin Jassim bin Jaber Al-Thani. Kering declined to comment on the report. It was not immediately possible to contact Al-Thani for a comment. In April, when Corriere first reported about a possible Qatari-Kering deal for the Via Montenapoleone property, the Qatar Investment Authority denied it had any interest. Kering, which appointed former Renault CEO Luca de Meo to lead the group from September, is under pressure to trim debt and revive declining sales, particularly at its top brand Gucci. ($1 = 0.8633 euros)
The Sun
3 hours ago
- The Sun
Barclays to slash popular savings rate for thousands of customers AGAIN within hours
THOUSANDS of Barclays customers are set to face a major change to their savings account within days. The bank is slashing interest rates on its popular Rainy Day for the third time in less than seven months. 1 From August 4, the interest rate for balances up to £5,000 will fall from 4.61% to 4.36%. The Rainy Day Saver account, which offers easy access to funds, has been a favourite among Barclays ' 20 million customers. It is designed for balances up to £5,000, with savers earning the higher rate on the first £5,000 – currently 4.61%. Savings above this threshold earn just 1% interest, but customers benefit from instant access to their money at any time. At the current rate, holding £5,000 in the account would earn you £230.50 in interest over 12 months. However, when the rate drops to 4.36%, this will fall to £218 - a loss of £12.50 per year. Once boasting a competitive 5.12% interest rate earlier this year, Barclays has steadily chipped away at its appeal. In February, the rate dropped to 4.87%, followed by another cut in April to 4.61%. In February, the bank reduced the rate to 4.87%, followed by another cut in April to 4.61%. Now, just months later, rates are set to drop again, leaving savers questioning whether to stick with the account or explore better options elsewhere. Switch bank accounts for free perks Fortunately, several savings providers still offer returns of up to 5%. If you have more than £5,000 to save, moving your money out of the Rainy Day Saver could earn you higher returns, as the top accounts apply the same interest rate to balances above this threshold. With the average bank customer holding around £10,000 in savings, according to Raisin, switching could be a smart move. To help you get the best returns, we've listed the top savings rates for each account type below. What types of savings accounts are available? THERE are four types of savings accounts: fixed, notice, easy access, and regular savers. Separately, there are ISAs or individual savings accounts which allow individuals to save up to £20,000 a year tax-free. But we've rounded up the main types of conventional savings accounts below. FIXED-RATE A fixed-rate savings account or fixed-rate bond offers some of the highest interest rates but comes at the cost of being unable to withdraw your cash within the agreed term. This means that your money is locked in, so even if interest rates increase you are unable to move your money and switch to a better account. Some providers give the option to withdraw, but it comes with a hefty fee. NOTICE Notice accounts offer slightly lower rates in exchange for more flexibility when accessing your cash. These accounts don't lock your cash away for as long as a typical fixed bond account. You'll need to give advance notice to your bank - up to 180 days in some cases - before you can make a withdrawal or you'll lose the interest. EASY-ACCESS An easy-access account does what it says on the tin and usually allows unlimited cash withdrawals. These accounts tend to offer lower returns, but they are a good option if you want the freedom to move your money without being charged a penalty fee. REGULAR SAVER These accounts pay some of the best returns as long as you pay in a set amount each month. You'll usually need to hold a current account with providers to access the best rates. However, if you have a lot of money to save, these accounts often come with monthly deposit limits. What's on offer? If you're looking for a savings account without withdrawal limitations, then you'll want to opt for an easy-access saver. These do what they say on the tin and usually allow for unlimited cash withdrawals. The best easy access savings account available is from Cahoot, which pays 5% - and you only need to pay a minimum of £1 to set it up. This means that if you were to save £1,000 in this account, you would earn £50 a year in interest. Meanwhile, Oxbury Bank's easy access account offers customers 4.61% back on savings worth £1 or more. If you're okay with being less flexible about withdrawals, a top notice account could be a great option. These accounts offer better rates than easy-access accounts but still let you access your money more flexibly than a a fixed-bond. RCI Bank UK's 95 day notice account offers savers 4.7% back with a minimum £1,000 deposit, for example. This means that if you were to save £1,000 in this account, you would earn £47 a year in interest. Meanwhile, Oxbury Bank's 120-day notice account offers 4.65%, requiring a minimum deposit of £1,000. If you want to lock your money away and keep the same savings rate for a set time, a fixed bond is a good choice. The best fixed rate currently offered is Castle Community Bank's one-year fixed bond, which pays 4.52%, requiring a minimum deposit of £1,000. Meanwhile, GB Bank's one-year fixed bond offers 4.5% back on a deposit of £1 or more. This means that if you were to save £1,000 in this account, you would earn £45 a year in interest. If you want to build a habit of saving a set amount of money each month, a regular savings account could pay you dividends. Principality Building Society's Six Month Regular Saver offers 7.5% interest on savings. It allows customers to save between £1 and £200 a month. Save in the maximum, and you'll earn 25.81 in interest. While regular savings accounts look attractive due to the high interest rates on offer, they are not right for all savers. You can't use a regular savings account to earn interest on a lump sum. The amount you can save into the account each month will be limited, typically to somewhere between £200 and £500. Therefore, if you have more to save, it would be wise to consider one of the other accounts mentioned above. How can I find the best savings rates? WITH your current savings rates in mind, don't waste time looking at individual banking sites to compare rates - it'll take you an eternity. Research price comparison websites such as Compare the Market, and MoneySupermarket. These will help you save you time and show you the best rates available. They also let you tailor your searches to an account type that suits you. As a benchmark, you'll want to consider any account that currently pays more interest than the current level of inflation - 3.4%. It's always wise to have some money stashed inside an easy-access savings account to ensure you have quick access to cash to deal with any emergencies like a boiler repair, for example. If you're saving for a long-term goal, then consider locking some of your savings inside a fixed bond, as these usually come with the highest savings rates.
