Monte dei Paschi di Siena (MPS) said
in a note on Friday that it is launching a 13.3 billion euro
all-share buyout bid for Mediobanca.
MPS said it is offering 23 of its own shares for every 10
Mediobanca shares - a 5% premium on Thursday's closing price,
according to the statement.
The union between MPS and Mediobanca, said the note announcing
the bid, would create "a new national champion in the Italian
banking sector, which ranks third in key segments with a strong
combination of products and services, characterized by a highly
diversified and resilient business mix, with relevant industrial
synergies".
"The new group will protect and favour the development of the
two already strong brands MPS and Mediobanca, preserving their
unique position and know-how and allowing Italian families and
companies to access a wider and more integrated platform of
banking services", added the statement.
MPS CEO Luigi Lovaglio, said that, "with this operation of an
industrial nature, we want to mark a new approach in the path
towards the consolidation of the banking sector which, in an
innovative manner, immediately creates value for both MPS and
Mediobanca stakeholders, and I also believe for the entire
country.
"We aim for a new national champion, two brands of excellence,
which we want to protect and promote even more", said Lovaglio
in the note.
The share price of MPS fell by 9% to 6.34 euros while
Mediobanca's share price gained 2.81% to 15.72 euros in early
trading Friday.
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