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Italy's Mediobanca pledges 4.9 billion euro shareholder reward to counter MPS bid
MILAN, June 27 (Reuters) - Italy's Mediobanca ( 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)( 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."
