
Monte Paschi May Lower Threshold for Mediobanca Bid: Repubblica
(Bloomberg) -- Banca Monte dei Paschi di Siena SpA is considering reducing the minimum acceptance rate in its bid to acquire Italian rival Mediobanca SpA, La Repubblica reported on Saturday, citing financial sources it didn't identify.
Monte Paschi could reduce the threshold to 51% or lower from the current rate of almost 67%, the newspaper said. Chief Executive Officer Luigi Lovaglio is willing to ease the condition to reflect a widening divergence in the share prices of both banks after Mediobanca's recent rally, according to the report.
The changing price dynamic means Monte Paschi would have to offer an additional €2 billion ($2.27 billion) to persuade Mediobanca shareholders to accept at current levels, Repubblica said. A reduction in the acceptance rate to 50% would only require an additional €1 billion, a sum Monte Paschi could handle, it said, citing analysts.
Italy's oldest lender made the surprise all-share bid in January in a deal that valued the target at about €13.4 billion at the time. Mediobanca's market capitalization has since risen to more than €17 billion, while Paschi's market value has increased at a proportionally slower rate.
The foray is one of a series of overlapping deals currently in play that stand to reshape Italy's financial industry.
In late April, Mediobanca itself launched a takeover bid for Banca Generali SpA, the private banking arm of Assicurazioni Generali SpA, as a way to escape from Monte Paschi's clutches. Mediobanca holds 13% of Assicurazioni Generali and the proposed deal would swap its stake in the insurance company for Banca Generali shares.
More stories like this are available on bloomberg.com

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