A takeover bid promises consolidation in Italian finance
THE PAPAL conclave is not the only powwow in Italy scheduled for May 7th. As the cardinal-electors process into the Sistine Chapel, the directors of Assicurazioni Generali, the country's biggest insurer, will gather in Milan. On their minds (but not the agenda) is a €6.3bn ($7.2bn) offer for Banca Generali, a wealth manager of which the group owns half. The bid, made on April 28th by Mediobanca, Italy's pivotal investment bank, is the latest effort to consolidate a crowded financial sector.
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Reuters
3 days ago
- Reuters
U.S. funds Calvert, NYC Comptroller to back Mediobanca's bid for Banca Generali
MILAN, June 5 (Reuters) - Calvert and New York City Comptroller Brad Lander will vote in favour of Italian merchant bank Mediobanca's bid for private bank Banca Generali ( opens new tab on June 16, the two U.S. funds said on their respective websites on Thursday. Mediobanca in April proposed buying Due to the MPS bid and Italian corporate takeover rules, Mediobanca must first seek shareholders' approval to pursue the Banca Generali deal and has called a meeting for June 16 to vote on the plan. Italian tycoon Francesco Gaetano Caltagirone, a leading investor in Mediobanca, has expressed a negative view on the Banca Generali bid and is seeking a a delay of the shareholder vote saying key details are still unclear. The two funds did not disclose their stakes in Mediobanca.
Reuters
3 days ago
- 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)
Reuters
3 days ago
- Reuters
Glass Lewis recommends Mediobanca investors to vote in favour of Banca Generali bid
MILAN, June 5 (Reuters) - Proxy adviser Glass Lewis said it had recommended Mediobanca's ( opens new tab investors vote in favour of the merchant bank's bid for Banca Generali ( opens new tab at a general meeting on June 16. "The proposed offer represents a substantial opportunity for Mediobanca shareholders", it said in a report published on Thursday. Mediobanca proposed buying Banca Generali in April as it seeks to stave off a buyout bid from Monte dei Paschi di Siena (MPS) ( opens new tab. Due to the MPS bid and Italian corporate takeover rules, Mediobanca must first seek shareholders' approval to pursue the Banca Generali deal and has called a meeting for June 16 to vote on the plan.
