Latest news with #Mediobanca
Mint
19 hours ago
- Business
- Mint
Monte Paschi May Lower Threshold for Mediobanca Bid: Repubblica
(Bloomberg) -- Banca Monte dei Paschi di Siena SpA is considering reducing the minimum acceptance rate in its bid to acquire Italian rival Mediobanca SpA, La Repubblica reported on Saturday, citing financial sources it didn't identify. Monte Paschi could reduce the threshold to 51% or lower from the current rate of almost 67%, the newspaper said. Chief Executive Officer Luigi Lovaglio is willing to ease the condition to reflect a widening divergence in the share prices of both banks after Mediobanca's recent rally, according to the report. The changing price dynamic means Monte Paschi would have to offer an additional €2 billion ($2.27 billion) to persuade Mediobanca shareholders to accept at current levels, Repubblica said. A reduction in the acceptance rate to 50% would only require an additional €1 billion, a sum Monte Paschi could handle, it said, citing analysts. Italy's oldest lender made the surprise all-share bid in January in a deal that valued the target at about €13.4 billion at the time. Mediobanca's market capitalization has since risen to more than €17 billion, while Paschi's market value has increased at a proportionally slower rate. The foray is one of a series of overlapping deals currently in play that stand to reshape Italy's financial industry. In late April, Mediobanca itself launched a takeover bid for Banca Generali SpA, the private banking arm of Assicurazioni Generali SpA, as a way to escape from Monte Paschi's clutches. Mediobanca holds 13% of Assicurazioni Generali and the proposed deal would swap its stake in the insurance company for Banca Generali shares. More stories like this are available on
Bloomberg
3 days ago
- Business
- Bloomberg
Monte Paschi May Lower Threshold for Mediobanca Bid: Repubblica
Banca Monte dei Paschi di Siena SpA is considering reducing the minimum acceptance rate in its bid to acquire Italian rival Mediobanca SpA, La Repubblica reported on Saturday, citing financial sources it didn't identify. Monte Paschi could reduce the threshold to 51% or lower from the current rate of almost 67%, the newspaper said. Chief Executive Officer Luigi Lovaglio is willing to ease the condition to reflect a widening divergence in the share prices of both banks after Mediobanca's recent rally, according to the report.
Reuters
4 days ago
- Business
- Reuters
Mediobanca shareholder Caltagirone sees no value in Banca Generali bid
ROME, May 30 (Reuters) - Mediobanca ( opens new tab and Generali ( opens new tab shareholder Francesco Gaetano Caltagirone on Friday expressed a negative view on the lender's proposed acquisition of the insurer's private banking unit Banca Generali ( opens new tab. Caltagirone was speaking on the sidelines of the presentation of the Bank of Italy's annual report, where Governor Fabio Panetta said bank mergers had to create value, "first and foremost" for customers.
Reuters
7 days ago
- Business
- Reuters
UniCredit CEO rules out move on Generali
MILAN, May 27 (Reuters) - UniCredit Chief Executive Andrea Orcel ruled out on Tuesday the bank could make a play for Assicurazioni Generali ( opens new tab, Italy's biggest insurer in which it has recently acquired 6.7%. The stake, which UniCredit ( opens new tab has called a financial investment, the same description it has used for its 28% Commerzbank ( opens new tab holding, has raised speculation about Generali's future as the insurer cuts ties with its main shareholder. Generali's main investor, Mediobanca ( opens new tab, plans to dispose of its 13% stake under a scheme to fend off suitor Monte dei Paschi di Siena ( opens new tab. Mediobanca would use its Generali shares as payment to buy the insurer's private banking unit Banca Generali ( opens new tab. On Monday, Intesa CEO Carlo Messina said he would ring Orcel to dissuade him from a Generali acquisition were UniCredit to make a move for the insurer, opening up a third M&A front. UniCredit has launched a buyout offer for smaller rival Banco BPM ( opens new tab. Speaking at the same FABI union conference a day after Messina, Orcel was asked if there were any risks the Intesa CEO would have to make that phone call. "Absolutely not," Orcel said. Orcel also played down any potential interest for Banca Generali, saying such networks of financial advisers traded at valuation multiples much higher than banks and a combination with a branch franchise would offer little scope for cost savings. Orcel said distribution was a key element of wealth management and it made sense for a bank to hold onto any distribution capacity, but he added that Generali may have different strategies in parting ways with Banca Generali. Asked if UniCredit, as an investor in Generali, supported the Banca Generali deal, Orcel said the decision would be taken by the insurer's board and not be put to its shareholders. However, some other Generali shareholders have raised doubts about whether the decision can be left solely to the board, without a shareholder vote.
Yahoo
23-05-2025
- Business
- Yahoo
Factbox-How many bank takeover bids are happening in Italy?
By Valentina Za MILAN (Reuters) -A wave of M&A activity is sweeping through Italy's banking industry, creating a complex web of deals between some of the major players. Here is a summary of ongoing, or recently concluded, deals. 1. UNICREDIT'S OFFER FOR BANCO BPM UniCredit on November 25 announced an all-share offer to buy Banco BPM. With an exchange ratio of 0.166, UniCredit's bid values BPM at about 14.4 billion euros ($16.35 billion), 800 million euro below its market value. The tender period started on April 28. It was due to end on June 23, but UniCredit has secured a 30-day suspension after the government imposed conditions to clear it, which UniCredit says could be harmful. UniCredit has said it will challenge the government's decision in court. 2. BANCO BPM'S BID FOR ANIMA HOLDING Shortly before UniCredit's takeover move, Banco BPM had bid to buy fund manager Anima Holding, a 1.8 billion euro acquisition it completed in April. 3. MONTE DEI PASCHI'S (MPS) OFFER FOR MEDIOBANCA MPS in January shocked Italian finance with its all-share offer for Mediobanca, not long after the top two investors in the bid target became also MPS shareholders. In April, MPS shareholders approved a share issue needed to finance the bid, which is currently at an 8.5% discount to Mediobanca's market value. The tender period should start in July after MPS receives European Central Bank clearance. 4. MEDIOBANCA'S OFFER FOR BANCA GENERALI In an effort to thwart MPS' takeover bid, Mediobanca on April 28 announced a 6.3 billion euro all-share offer to buy Banca Generali and make wealth management its main business. Mediobanca has called a shareholder vote on June 16 on the deal, and it is hoping its investors will back the project as an alternative to the MPS deal. Mediobanca will use as payment its 13% stake in insurer Generali, giving Banca Generali investors shares in its parent company. Generali owns 50.2% of the private bank. Mediobanca has made its bid conditional on Generali striking a long-term partnership with the merged entity, and committing not to sell on the market for 12 months the treasury shares it would receive in the deal. 5. BPER'S OFFER FOR POPOLARE DI SONDRIO BPER, Italy's fourth-largest bank, in February announced a 4.3 billion euro all-share bid for its rival, based in Sondrio in northern Italy, saying the consolidation wave forced it to protect its position in the market. BPER and Popolare Sondrio have a main shareholder in common, insurer Unipol, which distributes its products through both banks and has sponsored BPER's growth over the years. 6. BANCA GENERALI'S ACQUISITION OF INTERMONTE Banca Generali completed in January its 98.2 million euro purchase of broker Intermonte to strengthen its investment banking skills and better serve clients who are often small business owners with both wealth management and corporate finance advisory needs. 7. BANCA IFIS' BID FOR ILLIMITY Venice-based Ifis on May 19 launched a cash-and-share offer to buy illimity, the digital bank founded by former industry minister and veteran bank executive Corrado Passera. Ifis, which specialises in recovering small unpaid loans and financing small businesses, in January said it would offer 14.14 euros in cash and a newly issued share for every 10 illimity shares tendered, valuing the rival at 298 million euros, or a 5.8% premium. The board of illimity has deemed the price fair. ($1 = 0.8807 euros)
