It closes today, September 8th, the offer of Monte dei Paschi of Siena su Mediobanca. With the minimum threshold already in the safe, the objective to be achieved by this evening is that of 51 %, a percentage that would give the Sienese bank the control of the Piazzetta Cuccia board of directors. Then, with the reopening of the terms between the 16 and the 22 September, Mps will try to rise further, targeting that 66,7 % which he officially renounced a few days ago, but which would put Siena in the position of calling aextraordinary assembly and proceed to the fusion between the two banks.
MPS-Mediobanca: 51% target
By Friday's close, subscriptions had surpassed 45,8 %Among the new entrants was the Doris family, who brought in almost 1% of the capital through Finprog. The re-launch was decisive, adding 2,533 euros in cash to the 0,9 MPS shares for each Mediobanca stock initially put on the table, transforming theops in guideThe unit price thus rose to €16,334 per Piazzetta Cuccia share, while the overall implicit "monetary" value of the offer amounts to €13,5 billion, "of which €12,8 billion as the initial consideration in shares (taking into account the official price of MPS shares on the reference date) and approximately €0,75 billion as the cash consideration," the Tuscan bank specified.
Numbers that however did not satisfy the board of directors of Mediobanca which on Thursday he rejected the offer again, considering it "devoid of industrial rationale and convenience for the shareholders" of Piazzetta Cuccia. The relaunch, according to the directors, "is not sufficient in itself, also in light of the risks of dissynergies and destruction of value which characterise the offer to change the previous assessment of inappropriateness and inadequacy”.
Despite this, 51% of Mediobanca's capital still seems to be a achievable goalIn this case, percentages are crucial. The more shares MPS manages to secure during the offer period and the subsequent reopening of the terms, the greater the chances of proceeding with a rapid and orderly integration, leveraging the estimated €700 million in synergies, and taking advantage of the benefits of the DTAs Siena has in its portfolio. Not to mention that broader control would also help reassure the ECB which, giving the green light to the operation, asked the Tuscan institute to provide, within six months of the closing of the takeover bid, details on the future governance – with rumors already starting to swirl – and how it intends to manage it, as well as how the authorization thresholds will be respected.
