Mediobanca investor Mediolanum says Banca Generali deal compatible with MPS bid
MILAN, May 5 (Reuters) - Mediobanca's (MDBI.MI), opens new tab proposed acquisition of wealth manager Banca Generali (BGN.MI), opens new tab is "a good deal" and does not conflict with Monte dei Paschi di Siena's (BMPS.MI), opens new tab bid for Mediobanca, an investor in the latter was quoted as saying on Monday.
Mediobanca CEO Alberto Nagel has said he sees the plan to acquire Banca Generali and bring wealth management revenues to 45% of the total from 26% at present as an alternative option for investors compared with MPS' project.
But Mediolanum CEO Massimo Doris, whose company owns 3.5% of Mediobanca, told reporters on the sidelines of a corporate event in Turin that the two offers "are compatible", Italian newswire Adnkronos reported.
"It was the (MPS CEO Luigi) Lovaglio who said so: he said the transaction he's pursuing becomes even more attractive, this is something for the bidder to decide," he said.
Doris, whose family controls Mediolanum, also a wealth manager, said it made sense for Mediobanca to acquire Banca Generali to speed up plans to grow in wealth management.
He said that he expected Mediolanum would remain invested in Mediobanca "even if they will become even more of a competitor for us".
In bidding for Mediobanca, MPS has said it aims to plug its commercial franchise into Mediobanca's wealth management and investment banking businesses, which it plans to keep and run as a separate entity.
International investors have been puzzled by the project which however has backing from a group of core Italian shareholders in both MPS and Mediobanca and was approved by an MPS shareholder vote on April 17.
MPS and Mediobanca already partner in consumer finance, the third leg of Mediobanca's operations. Born as a corporate lender, Mediobanca does not have a commercial banking franchise.
Mediobanca investors will have to decide in July whether to tender their shares in the MPS bid. Before that, they will vote on the Banca Generali deal on June 16.
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