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Reuters
5 days ago
- Business
- Reuters
MPS CEO upbeat on Mediobanca bid take-up, but crossing 50% enough for tax benefits
MILAN, June 5 (Reuters) - Monte dei Paschi ( opens new tab CEO Luigi Lovaglio on Thursday expressed confidence on a high take-up for his bank's bid for Mediobanca ( opens new tab, although a level of 50% plus one share is sufficient to unlock tax benefits and reward investors. Speaking to Sky TG 24, Lovaglio said he saw no reason why banking supervisors should subject the Monte dei Paschi bid to minimum take-up thresholds. "It hasn't done so with any of the bids, so I don't think it's an issue. I'm confident we can launch the offer in early July and reach a good take-up," he said. By securing half of Mediobanca's capital plus one share, MPS can consolidate their financial accounts and unlock 1.2 billion euros ($1.4 billion) in tax credits, boosting profits and increasing shareholder remuneration. "We're determined to reach the take-up threshold [of 66.67%] we're currently targeting," he added. ($1 = 0.8750 euros)
Reuters
5 days ago
- Business
- Reuters
Glass Lewis recommends Mediobanca investors to vote in favour of Banca Generali bid
MILAN, June 5 (Reuters) - Proxy adviser Glass Lewis said it had recommended Mediobanca's ( opens new tab investors vote in favour of the merchant bank's bid for Banca Generali ( opens new tab at a general meeting on June 16. "The proposed offer represents a substantial opportunity for Mediobanca shareholders", it said in a report published on Thursday. Mediobanca proposed buying Banca Generali in April as it seeks to stave off a buyout bid from Monte dei Paschi di Siena (MPS) ( opens new tab. Due to the MPS bid and Italian corporate takeover rules, Mediobanca must first seek shareholders' approval to pursue the Banca Generali deal and has called a meeting for June 16 to vote on the plan.
Reuters
03-06-2025
- Business
- Reuters
Mediobanca investor Caltagirone urges bank to delay shareholder vote on Banca Generali
MILANO, June 3 (Reuters) - Francesco Gaetano Caltagirone, one of the biggest investors in Mediobanca ( opens new tab, has called on the Italian bank's board to delay a shareholder vote scheduled for June 16 on the proposed acquisition of private bank Banca Generali ( opens new tab. Mediobanca has proposed buying Banca Generali in an effort to thwart a takeover offer by Monte dei Paschi di Siena (MPS) ( opens new tab, a bailed-out lender in which Caltagirone is also a shareholder. Due to the MPS bid, Mediobanca must first seek shareholder approval to pursue the deal and has called a meeting on June 16 to vote on the project.
Reuters
22-05-2025
- Business
- Reuters
Generali exceeds quarterly profit forecasts amid Banca Generali bid review
MILAN, May 22 (Reuters) - Italy's Generali ( opens new tab beat expectations with profits in the first quarter, it said on Thursday, as it prepares its review of Mediobanca's ( opens new tab bid for the insurer's private bank Banca Generali ( opens new tab. Generali's operating profit, most closely watched by the market, grew 8.9% year-on-year in the quarter to 2.1 billion euros ($2.38 billion), driven by a strong performance of non-life business segment. The figure was slightly ahead of an analyst consensus provided by the insurer of 2 billion euros. ($1 = 0.8827 euros)
Reuters
09-05-2025
- Business
- Reuters
Mediobanca suitor Monte dei Paschi beats forecasts with 24% profit rise
MILAN, May 9 (Reuters) - State-backed Monte dei Paschi di Siena ( opens new tab on Friday posted a larger-than-forecast 24% rise in first-quarter profit as it pursues a hostile takeover of rival Mediobanca ( opens new tab in the consolidation wave sweeping Italian finance. Mediobanca, which has announced its own buyout offer for wealth manager Banca Generali ( opens new tab in an effort to thwart Monte dei Paschi's (MPS) bid, also reported better than expected results on Friday. MPS said net profit came in at 413 million euros ($464 million), well above a 341 million euro forecast in an analyst consensus gathered by the bank, as revenues held up and costs and loan loss provisions declined. Revenues were flat year-on-year at 1 billion euros, topping expectations, with higher net fees offseting an 8% decline in income from the gap between lending and deposit rates. Fees from wealth management and advisory in particular shot up 21% on a quarterly basis. The core capital ratio strengthened further to 19.6% of assets, one of the highest in the sector. ($1 = 0.8908 euros)
