The Monte dei Paschi di Siena (MPS) banking group, considered the oldest in the world still in operation, shook the Italian market by launching this Friday (24) an offer of 13,3 billion euros (R$ 82 billion) for complete control of Mediobanca, one of the main investment banks in the country.
According to the statement, the acquisition would be made through a public exchange offer, that is, paying Mediobanca shareholders with MPS shares, which aims to complete the operation by the third quarter of 2025.
The proposal is for 23 Monte dei Paschi di Siena shares for every 10 Mediobanca shares, which means a premium of 5,03% over the price of the investment bank's shares at the close of trading on Thursday (23).
According to the MPS, the operation would create a “new national champion in the Italian banking sector, placing third in key segments, with a strong complementarity of products and services and a highly diversified and resilient business mix”.
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“The new group will protect and foster the development of two already strong brands, preserving their positioning and allowing Italian families and businesses to access a broader and more integrated service platform,” MPS said.
The bank's CEO, Luigi Lovaglio, highlighted that the offer seeks to accelerate the consolidation path in the banking sector. "With this operation, we will create value for shareholders and also for the entire country," he added.
The proposal boosted Mediobanca shares on the Milan Stock Exchange, rising 5,17% at around midday (local time) on Friday, while MPS shares plummeted 7,86%.
Founded in 1472, in Siena, MPS was on the brink of bankruptcy in 2017 due to the high presence of bad debts – loans that will be difficult to repay – in its portfolio, but was rescued by the Italian State, which is now its main individual shareholder, with almost 12% of the stake.
If confirmed, MPS's purchase of Mediobanca would create a group potentially capable of challenging giants Intesa Sanpaolo and Unicredit, the country's two largest banks. (HANDLE)
