Italy's Mediobanca pledges 4.9 billion euro shareholder reward to counter MPS bid
MILAN, June 27 (Reuters) - Italy's Mediobanca (MDBI.MI), opens new tab said on Friday it would offer shareholders rewards worth 4.9 billion euros ($5.73 billion), mostly in cash, over three years to 2028 as it seeks to fend off a hostile bid from smaller rival Banca Monte dei Paschi di Siena (MPS)(BMPS.MI), opens new tab.
The merchant bank reiterated in a statement that MPS' offer "lacks an industrial and financial rationale for Mediobanca shareholders and carries clear and significant execution risks."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
24 minutes ago
- The Independent
E-tailers eye Europe to boost sales
Chinese cross-border online retailers are strengthening efforts to expand into Europe to attract new customers and bolster sales. Eyeing the growing demand for online shopping in European countries, particularly among younger shoppers, Chinese e-commerce players are providing cost-effective products to local consumers by leveraging efficient logistics and supply chain networks, according to industry experts. AliExpress, Chinese tech company Alibaba Group's cross-border e-commerce platform, recently opened its services to local merchants in Poland. Over the past year, AliExpress has appealed to a batch of well-known Polish companies, and this strategic move will further bolster the platform's business growth in the local market. AliExpress said some local merchants can enjoy benefits like zero deposit and commission-free services for the first three months, and directly sell their products to consumers from Poland and countries around the world. Data from market research company Euromonitor International showed that AliExpress and Polish online shopping platform Allegro are the two most popular e-commerce platforms in Poland, the largest e-commerce market in Central and Eastern Europe. To better support the operations of local merchants, AliExpress has partnered with more than 10 leading overseas warehouse service providers to roll out 'certified warehouses' covering the United States, Spain, France, Germany, the United Kingdom, and Poland. The certified warehouses will provide faster deliveries and smoother shopping experiences for overseas buyers. According to global research firm Statista, the revenue of Europe's e-commerce market is expected to reach $707.9 billion (£526.88 billion) in 2025, with a compound annual growth rate of 7.95 per cent, and the figure is projected to touch $961.27 billion (£715.47 billion) by 2029. Hong Yong, an associate research fellow at the Chinese Academy of International Trade and Economic Cooperation, said European nations have high consumption capacities and efficient and convenient logistics infrastructure, while local shoppers have developed mature online shopping habits, providing an ideal market environment for the development of cross-border e-commerce. 'As European consumers have shown surging demand for online purchasing in the post-pandemic era, Chinese e-commerce platforms could further expand their footprint there by offering commodities with high cost-effectiveness and localised operation and services,' Hong said. Temu, a cross-border e-commerce app owned by Chinese online discounter PDD Holdings, is expanding its presence in European countries in an attempt to diversify its customer base. According to Consumer Edge, a data insights and market intelligence company, Temu's growth in the European Union surged more than 60 per cent year-on-year in early May, with France leading the charge at nearly 100 per cent growth. TikTok Shop, the e-commerce marketplace of popular short-video app TikTok, which is owned by Chinese tech company ByteDance, has made inroads into Europe with its rollout in Germany, France and Italy.
The Independent
39 minutes ago
- The Independent
What does the UK spend on welfare – and how much will it rise?
Welfare spending is forecast to rise sharply over the next few years, driven by the UK's ageing population and an increase in the number of people receiving health and disability benefits. Here, the PA news agency looks at the latest figures and projections for social security and welfare expenditure. – How much does the UK spend in total? The Government is forecast to have spent £313.0 billion on welfare in 2024/25, according to the Office for Budget Responsibility (OBR). This is the equivalent of 10.9% of UK GDP (gross domestic product, or the total value of the economy). The OBR forecasts annual spending on welfare to reach £373.4 billion in 2029/30. This is up £60.4 billion on the figure for 2024/25 – an increase of nearly a fifth. Welfare spending as a proportion of GDP is forecast to fall slightly to 10.8%, however. – What takes up the biggest share of the welfare budget? Spending on pensioners. Some £150.7 billion was spent on pensioners in 2024/25, accounting for nearly half (48%) of the total welfare budget. Besides the state pension, this spending also includes pensioner housing benefit, pension credit and the winter fuel payment. Spending on pensioners is forecast to reach £181.8 billion by 2029/30, but this would still be just under half (49%) of the full welfare budget. – How does the rest of the welfare budget break down? The next largest chunk of spending goes on Universal Credit, which made up 28% of the 2024/25 budget (£87.8 billion). It was followed by disability benefits at 13% (£41.4 billion) and child benefit at 4% (£13.3 billion), with other types of spending – including social security in Northern Ireland – accounting for 6% (£19.9 billion). – Is spending set to increase for all types of welfare? No. The child benefit budget is forecast to remain largely flat, at £13.6 billion in 2029/30, compared with £13.3 billion in 2024/25. By contrast, spending on disability benefits is forecast to jump to £56.3 billion by 2029/30, up from £41.4 billion in 2024/25. Spending on Universal Credit will reach £99.0 billion, up from £87.8 billion. – Why is welfare spending rising? The OBR identifies two main drivers of the increase. The first is higher spending on pensioners. This is because of the UK's ageing population and the 'triple lock', which guarantees pensions will rise each year by whichever is highest: the annual rate of inflation, average growth in earnings, or 2.5%. Of the forecast £60.4 billion extra spending on welfare in 2029/30, pensioners are responsible for just over half of the amount, at £31.3 billion (51%). The second factor identified by the OBR as driving an increase in welfare spending is the rise in people eligible for health and disability benefits. Spending on disability benefits, which includes disability living allowance and personal independence payments, accounts for £14.9 billion (25%) of the £60.4 billion extra spending on welfare in 2029/30. – How does spending on health and disability benefits break down by age group? The OBR defines health and disability benefits as covering the following entitlements: the standard allowance and health element spending for Universal Credit claimants; employment and support allowance; incapacity benefit; severe disablement allowance; income support for incapacity; disability living allowance; personal independence payment; attendance allowance; spending on the Universal Credit carer's element; carer's allowance, and income support for carers. Spending on all these benefits was estimated to be £75.7 billion in 2024/25, three-quarters of which (75% or £56.9 billion) went to working-age adults. Just under a fifth (19%, or £14.2 billion) went to pensioners, while 6% (£4.5 billion) went to children. Although the amount spent on health and disability benefits is forecast to rise to £97.9 billion in 2029/30, the proportions are expected to remain broadly the same: 74% on working-age adults (£72.3 billion), 19% on pensioners (£18.3 billion) and 7% on children (£7.0 billion). – How does welfare spending compare with other government departments? In 2023/24, actual spending on health and disability benefits was £66.3 billion. This was more than than the total departmental expenditure on defence (£57.6 billion) or transport (£32.6 billion), but well below the figure for education (£127.0 billion) and overall health and social care spending (£196.7 billion), according to the latest Treasury data. Total expenditure by the Department for Work & Pensions stood at £275.1 billion in 2023/24, up from £239.1 billion in 2022/23 and the highest figure among all government departments.
The Sun
39 minutes ago
- The Sun
Lidl's £3.99 middle aisle bargain will save you hundreds on getting the handyman in – & it's less than half price of B&Q
LIDL has the perfect DIY bargain to help you save hundreds on getting handymen in, and it's less than half the price of B&Q's version. With temperatures skyrocketing to 28C today many Brits will be spending time in the garden, basking in the heat. 3 However, whilst settling down to relax, you may have noticed that your outdoor space is in need of a bit of a TLC. Getting the handyman in to do up your garden can cost a fortune, but thankfully Lidl's Middle Aisle is currently stocked full of bargains to help you do it up yourself. Lidl Multifunctional Angle Gauge In stores now is the Parkside Multifunctional Angle Gauge, which costs just £3.99. It can be used for marking and transferring angles, heights and depths, making it perfect for building outdoor furniture, or sprucing up your fence or decking. The nifty tool helps you to easily record and mark measurements, and has a scale of 0-30cm. The angle range is 0–90° and the angle scale is 0–180°. The bargain tool can be found in the middle aisle of your local Lidl. However, as with all Middle of Lidl bargains, you better be quick, as once they're gone, they're gone. Cheaper than B&Q Lidl's bargain tool is currently on sale for less than half the price of B&Q's Magnusson Stainless steel Angle measurer, which is currently on sale for £8.99. The B&Q tool measures angles between 0°-180° and depth between 0-100mm. I made a DIY fence for £68 with pallets from Facebook Marketplace - it gives more privacy & people say it's 'fantastic' It also features a brass locking nut, nickel-plated and stainless steel washer. More Lidl DIY Bargains Lidl's Parkside 4V Cordless Rotary Tool is another perfect product for doing some garden DIY. The £11.99 gadget can be used for routing, grinding, polishing, cleaning and engraving. It has an adjustable power speed with an LED display and comes with an abundance of accessories, including three polishing wheels, four sanding sleeves and one threaded mandrel. Why do Aldi and Lidl have such fast checkouts IF you've ever shopped in Aldi or Lidl then you'll probably have experienced its ultra-fast checkout staff. Aldi's speedy reputation is no mistake, in fact, the supermarket claims that its tills are 40 per cent quicker than rivals. It's all part of Aldi's plan to be as efficient as possible - and this, the budget shop claims, helps keep costs low for shoppers. Efficient barcodes on packaging means staff are able to scan items as quickly as possible, with the majority of products having multiple barcodes to speed up the process. It also uses 'shelf-ready' packaging which keeps costs low when it comes to replenishing stock. Plus, it's a whopping £55 cheaper than the Dremel Cordless Lite Rotary tool 3.6V which is currently on sale at B&Q for £67. DIY fans will also be pleased to know that Lidl has launched a £4.99 toolkit that will save you hundreds on buying a new phone. The Parkside Smartphone Repair Set comes with 32 pieces, including screwdrivers and suction cups, to help you take apart your smartphone, and fix it yourself. The kit can be used to fix any smartphone including Apple and Samsung devices, and can also be used to fix laptop and tablet screens as well. Anyone who has been struggling to sleep in the extreme heat will be pleased to know that Livarno Home Double TopCool Duvet has landed in Lidl stores just in time for the heatwave.
