Latest news with #Caltagirone
Bloomberg
3 days ago
- Business
- Bloomberg
Mediobanca Rebuffs Caltagirone's Criticism of Banca Generali Bid
Mediobanca SpA rejected criticism from a key investor, Francesco Gaetano Caltagirone, about its takeover bid for a local wealth manager, Banca Generali, escalating tensions with the billionaire. The Italian bank said in a statement on Wednesday that it has proposed to expand existing agreements between Banca Generali and its majority owner, Assicurazioni Generali SpA, if it buys the unit, rebuffing Caltagirone's criticism that relevant details remain undisclosed.
Reuters
02-07-2025
- Business
- Reuters
Monte dei Paschi bid for Mediobanca to run from July 14 after green lights
MILAN, July 2 (Reuters) - State-backed Italian bank Banca Monte dei Paschi di Siena ( opens new tab said its bid for rival Mediobanca ( opens new tab would start on July 14 after the country's markets watchdog approved the offer document for investors. Monte dei Paschi also said it had received unconditional approval from Italy's antitrust authority for the deal. Monte dei Paschi emerged from years of restructuring, following a 2017 state bailout, and shocked Italy's financial world in January with a bid for the bigger rival. The deal would bring together Monte dei Paschi's commercial franchise with Mediobanca's branchless business focus on wealth management, corporate and investment banking and consumer finance. Mediobanca, one of the most revered names in Italian finance, has been fighting the takeover offer which it deems hostile. Monte dei Paschi last week secured European Central Bank approval for its bid, including under a scenario where it would own less than 50% of the rival's capital. That boosts the chances of success of its offer given that its top two shareholders, Italy's Del Vecchio and Caltagirone billionaire families, are also the top investors in Mediobanca with a combined 27% stake which they are expected to tender. Monte dei Paschi said the offer would run until Sept. 8, meaning Mediobanca shareholders have eight weeks to tender their shares. In an attempt to thwart the Monte dei Paschi takeover, Mediobanca has proposed acquiring Banca Generali ( opens new tab and focusing on wealth management. However, Mediobanca last month had to postpone to Sept. 25 a shareholder vote to approve the Banca Generali bid because it risked failing to secure sufficient backing after some key shareholders decided to abstain, and others who oppose the project increased their holdings ahead of the vote.
Euronews
25-06-2025
- Business
- Euronews
Italy's Monte dei Paschi bank gets ECB nod for Mediobanca takeover
Monte dei Paschi di Siena (MPS) said on Wednesday that the European Central Bank had approved its proposed takeover of larger Italian lender Mediobanca. MPS, which still counts the state as its largest shareholder since a 2017 bailout, launched the bid in January — setting in motion one of the many consolidation battles currently playing out in Italy's banking sector. The lender is offering investors 23 new shares for every ten shares they hold in Mediobanca. This would value the latter at €14.2 billion, based on the closing stock price on Tuesday. Mediobanca's market capitalisation is currently about €16.7bn. The ECB has set conditions for the proposed takeover, although not in the way that certain analysts had expected it to. Some speculated that the central bank would require a minimum number of investors to accept the offer for the deal to proceed. In reality, there is no stipulated threshold for the deal to go ahead, although MPS must satisfy other conditions if it receives an acceptance rate lower than 50%. If this is the case, it must provide the ECB with a report confirming its 'de facto control' of Mediobanca, or otherwise provide a strategy outlining what it will do with the stake. If the deal secures a support level higher than 50%, the bank has six months to submit an integration plan. Mediobanca rejected MPS' bid in January, warning that it would be 'strongly destructive' and weaken its business model. In April, Mediobanca then played a defensive strategy, launching a separate takeover bid for Italian lender Banca Generali, giving shareholders an alternative option to the MPS deal. Another chapter in the saga involves the Del Vecchio and Caltagirone families, who are major shareholders in Mediobanca. The Italian government sold Mediobanca shares to the families in November, although there are reports that some investors were shut out of this process. The FT reported on Tuesday that the European Commission was investigating the sale. The assessment could potentially lead to the opening of a state aid investigation. Euronews has contacted the European Commission for comment. Other Italian banks currently caught up in the consolidation frenzy include Banco BPM and UniCredit. The latter attempted to acquire the former earlier this year, although regulatory hurdles are now reducing the possibility of a close. MPS' board will meet on 26 June to officially issue new shares and raise funding for the proposed takeover.
Yahoo
25-06-2025
- Business
- Yahoo
Monte dei Paschi says ECB cleared Mediobanca acquisition
MILAN (Reuters) -Monte dei Paschi di Siena said on Wednesday the European Central Bank had approved its proposed acquisition of rival Mediobanca, including under a scenario in which it gains a stake of less than 50% in the rival. The ECB approval, which Reuters first reported on Monday, paves the way for Monte dei Paschi (MPS) to formally launch the offer next month, inviting Mediobanca shareholders to tender their shares. MPS can count on the support of a group of significant Mediobanca shareholders - the billionaire Del Vecchio and Caltagirone families, who became investors in MPS last November when the Treasury last sold a chunk of the bailed-out bank. The November placement is now being investigated by Milan prosecutors, and details of the probe are not known. The ECB has set conditions MPS should meet following the acquisition, such as filing within six months of completing the deal an integration plan with details, among other things, of strategies for funding and capital, IT and cybersecurity risks, and remuneration policies to retain Mediobanca bankers. The deal brings together MPS' commercial franchise with Mediobanca's investment banking and wealth management businesses. The two lenders already partner in consumer finance. Mediobanca has strived to fend off MPS, but this month it had to postpone a shareholder vote on an alternative project, fearing it may lack sufficient support. If it acquires a stake of less than 50%, MPS must submit within three months a report on whether it can exercise de facto control of Mediobanca or, alternatively, its strategy concerning the stake in the absence of actual control. MPS was rescued by the government in 2017 and is still 11.7% owned by Rome. The hostile bid for Mediobanca it unveiled in January is one of several unsolicited takeover offers that are reshaping Italian finance as banks turn to consolidation to feed profits with interest rates falling.
Yahoo
23-06-2025
- Business
- Yahoo
Exclusive-ECB has cleared Monte Paschi's takeover bid for Mediobanca, source says
FRANKFURT (Reuters) -The European Central Bank has cleared Monte dei Paschi di Siena's proposed acquisition of rival Mediobanca, a source with knowledge of the matter told Reuters, as a raft of takeover bids reshape Italian finance. Monte dei Paschi (MPS), which for a decade epitomised Rome's banking woes until a 2017 state bailout, in January shocked investors by bidding for the Milanese merchant bank that was once a powerhouse of Italian capitalism. A spokesperson for the ECB declined to comment. The takeover offer followed the state's sale in November of a stake in the bank to a group of Italian shareholders, including the Del Vecchio and Caltagirone families who are also leading shareholders in Mediobanca. MPS is worth 8.7 billion euros ($10.1 billion) at current prices, while Mediobanca market value approaches 16 billion euros - higher than the 14.6 billion euro value of MPS' all-share offer. MPS has billions of euros of cash it holds in excess of regulatory capital thresholds, which it could use in part if a sweetener was needed. Like other Italian banks, MPS has seen profits soar in recent years thanks to higher interest rates, but it has also benefited from favourable court rulings that have allowed it to release cash it had set aside against legal risks. ($1 = 0.8645 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
