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Italy relief MONTE Dei Paschi di Siena On Friday, we started all the proposals for all shared acquisitions of 13.3 billion euros ($ 13.5 billion) for larger domestic colleagues. Mediobanca.
Monte Dei Paschi (MPS) shares fell 7.97% at 11:39 am in London Time and MEDIOBANCA increased 6.28%.
MONTE Dei Paschi offers a 5% premium at $ 15.992, which offers 23 shares of 23 stocks for the acquisition target 10. The proposal must be approved at the April shareholders’ meeting. 17.
According to FactSet Data, Monte Dei Paschi’s shares were worth 8.7 billion euros on January 23, and the market cap of Mediobanca reached 12.3 billion euros.
CNBC contacted Mediobanca for comment.
According to the proposal conditions, Monte dei Paschi estimates the annual tax benefits of 700 million euros per year, and will help to use the tax deduction in the previous continuous loss and add 500 million annually over the next six years.
The intention to reject Mediobanca is hoped to finish the deal by the end of September, Monte dei Paschi CEO Luigi Lovaglio said in a briefing.
“Mediobanca is best suited for the most suitable time for a powerful business combination,” he added. “We will preserve its unique positioning to take advantage of the excellence of the two brains. The new Italian champion is (A) diversified business mix and elasticity.”
KBW analyst HUGO Cruz and Ben Maher pointed out that the proposal has the “limited” synergy potential and success.
Monte Dei Paschi, the oldest bank in the world, demanded the main rescue due to the collapsed losses of 2017, but turned the assistant of the fate under the leadership of the veteran Lovaglio. The Italian government has a 11.73% stake in lending institutions after reducing its position in bidding to retaliate lending institutions.
DELFIN, a holding company of billionaire Leonardo del Vecchio, has increased its location of 5.03%for business Tycoon FranceSco Gaetano Caltagirone since January to 9.78%. Delfin and Caltagirone are the largest shareholders of Mediobanca and are 19.8%and 7.8%, respectively.
According to the CNBC translation, the Italian Bank FABI said, “This transaction can contribute to the completion of the dynamics of the Italian financial system in the context of powerful integration. “Historically, the MP at the center of a complex event is now moving in an ambitious direction. Bidding confirms that MP has been completely restored.”
Monte Dei Paschi was able to record the first dividend in 13 years last year, recording a 18.3%CET1 ratio (bank strength and elasticity measurement) in the third quarter.
Friday proposals have added pictures of heating M & A appetite in Italy banks and financial services, and the second largest bank UNICREDIT will be bought earlier. Bank BPMThis is trying to acquire fund manager Anima Holding. Monte dei Paschi was the potential goal of Unicredit until the recent conversation was broken in 2021.
– CNBC’s Silvia Amaro and Ganesh Rao contributed to this report.
