Mps-Mediobanca: yes of the Consob and yes also of theAntitrustThe first one gave the green light to the public exchange offer document of Monte dei Paschi di Siena on Mediobanca, thus approving a prospectus describing the details, possible scenarios and financial effects of theoops announced by the Sienese institute at the beginning of 2025 and arrived after six months at the conclusion of its authorization process. The second, namely the Competition and Market Authority (AGCM), provided Siena with the“unconditional” approval for the acquisition of the control of Piazzetta Cuccia.
Mps-Mediobanca: the calendar
With the green light from the Commission – which does not represent a judgement on the operation but certifies the completeness of the information package available to investors – the calendar of the offer: the operation will start on 14th July and it will endSeptember 8th, remaining on the market for 40 trading days, which is the maximum allowed. The decision to wait until September was taken on the basis of the launch of the offer – in the middle of the summer period – and also to give the market a chance to evaluate the results of Monte's half-yearly report, scheduled for August 5th.
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La next week Piazzetta Cuccia will bring together the tbsp for its final assessment of the operation in light of the elements contained in the offer document that MPS will publish in the next few hours and from which it will also be known whether the bank led by Louis Lovaglio has subordinated the effectiveness of the offer to a lower and non-waivable minimum membership threshold than the (derogable) one of the 66,7 percent.
Mps-Mediobanca: what happens now
Mediobanca, with a specific request to Consob, asked last week that the document be represented effects on earnings, dividends and regulatory capital del Monte in case of scenarios of adhesion less than 50%, which would make it impossible to accelerate the use of tax credits (dta) – the expected value for the members of Piazzetta Cuccia is 1,2 billion – and would slow down the realization of synergies.
The aim of Piazzetta Cuccia is to make the prospects of integration with Siena comparable and also for this reason presented the stand-alone plan at the weekend that promises 4,9 billion euros of dividends by 2028. A plan that has not registered any market reaction: on the contrary, the shares – after the exit of Mediolanum which sold 3,5% to the blocks and reduced the Pact to 8,1% – have marked a decline, reducing the premium that the market expects compared to the initial offer and which is now around 600 million.
Mediobanca and the takeover bid on Banca Generali
Mediobanca continues to work with the Lion also on the acquisition of Banca Generali, with the meeting postponed to September 25, in the belief that it will be able to convince other investors, such as Dolphin, the pension funds, Benetton e Unicredit, who in June would have been reluctant to vote in favor of the takeover bid for Banca Generali. Not an easy mission considering that Delfin, which together with Caltagirone has almost 30% of Mediobanca, is among the main promoters of the MPS offer.
