Banca Mediolanum selling its stake in Mediobanca via ABB process
MILAN, June 30 (Reuters) - Italian asset manager Banca Mediolanum (BMED.MI), opens new tab said on Monday it had begun the sale of its entire 3.5% stake in merchant bank Mediobanca (MDBI.MI), opens new tab via an accelerated bookbuilding process.
In January Banca Monte dei Paschi di Siena (MPS) (BMPS.MI), opens new tab announced a surprise all-share offer to buy Mediobanca. After gaining regulatory approval from the European Central Bank last week, MPS is ready to launch its bid for Mediobanca next month.
In an attempt to become too big for MPS to swallow, Mediobanca proposed in April to buy private bank Banca Generali (BGN.MI), opens new tab, but was forced to delay a shareholder vote to September 25 to avoid a possible defeat after investors opposing the deal increased their holdings in the merchant bank.
Morgan Stanley is acting as sole bookrunner.
Banca Mediolanum, which is one of the biggest shareholders in Mediobanca, is selling up to 29.1 million shares for a total value of 570 million euros ($671 million), the bookrunner said.
($1 = 0.8498 euros)
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