Latest news with #DelVecchio
Mint
11-07-2025
- Business
- Mint
Mediobanca Reiterates Opposition to Monte Paschi Takeover Bid
(Bloomberg) -- Mediobanca SpA rejected once again a takeover by Banca Monte dei Paschi di Siena SpA saying the offer is too low and the deal is lacking rationale, ahead of the start of the offer period Monday. The bank said a combination between the two lenders would be 'unnatural, and highly value-destructive,' according to a statement issued after a board meeting Friday. The board of directors also reiterated that Monte Paschi offer is 'not fair'. The deal is part of a series of competing bids that are reshaping the finance landscape in Italy. Monte Paschi, which was bailed out and nationalized before returning to private ownership, stunned investors earlier this year with an all-share offer to acquire the larger rival. Mediobanca Chief Executive Officer Alberto Nagel already dismissed a potential deal as lacking industrial and financial rationale and destructive. Monte Paschi CEO Luigi Lovaglio is instead of the opinion that his bank would benefit from the combining efforts in asset gathering, private banking, investment banking and insurance. Mediobanca said Friday that a merger would results in about €460 million of lost synergies. One of Mediobanca's main objections relates to the value. Monte Paschi is offering 25.33 new shares for every 10 in Mediobanca, valuing the target at around €14.6 billion ($17 billion), below Mediobanca's market capitalization of around €15.2 billion. The valuation is suggesting investors expect the bid to be raised. The offer carried a premium of about 5% when it was first unveiled. Still, the deal has political backing as the government in Rome, which still owns a stake in Monte Paschi, would like to build a third large banking group around the Tuscan lender, able to compete with Intesa Sanpaolo SpA and UniCredit SpA. Monte Paschi has said it wants to get at least two thirds of Mediobanca's shares, though it may still decide to waive that condition and accept a commitment of at least 35%. Both lenders are part of a complicated web of dealmaking in Italian finance, where cross-holdings, alliances and sometimes conflicting interests mean that developments in one deal have repercussions for others. Monte Paschi's plan is also backed by the billionaire Del Vecchio family and construction tycoon Francesco Gaetano Caltagirone, the two largest investors in Mediobanca. The presence of the same shareholders – namely Del Vecchio' Delfin and Caltagirone – in Paschi, Mediobanca and Assicurazioni Generali SpA 'constitutes a potential misalignment of the interests of these shareholders with those of the rest of the shareholding structure,' Mediobanca said Friday. More stories like this are available on
Yahoo
11-07-2025
- Yahoo
Watch: Mysterious animal caught on video in Rochester triggers shelter alert
Rochester police briefly issued a shelter-in-place alert late Wednesday after a security video showing what appeared to be a large wild cat began circulating on social media. The 30-second Ring security camera clip, recorded around 4 a.m. Wednesday, July 9, near East Main Street and Culver Road, shows a large animal walking across the frame. The video quickly went viral on Facebook, racking up more than 250,000 views and 1,100 shares within 12 hours. "It doesn't look like a normal cat," said homeowner Stephany Baez, who shared the clip online. 'It is something scary and I don't want anyone to get hurt.' Baez suggested the animal could be a wild cat, sparking speculation online that it might be a mountain lion. After the video spread online, Rochester police received numerous 911 calls reporting similar sightings throughout the city, according to Lt. Anthony DelVecchio. However, police say none of those reports have been verified. "None of these reports have been substantiated, and no additional video evidence has been provided," DelVecchio said Thursday. Early Friday morning, DelVecchio said that police continue to receive reports on wild cat sightings. Some of the calls are "false," he said. "We are still working to confirm the validity of such reports and will continue to respond if called in an effort to do so." Also, he noted, authorities checked in with the Seneca Park Zoo in Rochester, and all large cats who reside at the zoo remain at the zoo "and all are accounted for." Among the large cats who reside at the zoo, there are three African lions, two snow leopards, two Canada lynx and one Amur Tiger, according to the zoo's website. Around midnight on July 10, police responded to another report of a possible sighting near North Clinton Avenue and Rauber Street, prompting them to issue a shelter-in-place order out of caution. It was lifted shortly after, once officers were unable to confirm the presence of any wild animal. 'Until the validity of the original video can be confirmed, RPD urges the public to remain vigilant,' DelVecchio said. 'If anyone observes a large wild animal, they are advised to go indoors immediately and call 911.' This article originally appeared on Rochester Democrat and Chronicle: Watch: Mysterious animal caught on video in Rochester triggers alert
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.
