MILAN (Reuters) – Mediobanca’s board will meet on Tuesday to discuss a bid by state-backed Monte dei Paschi di Siena (MPS) to become an Italian commercial bank. A person familiar with the matter said.
On Friday, MPS joined the wave of consolidation sweeping Italy’s banking industry with a 13.3 billion euro ($13.96 billion) all-stock offer to acquire Mediobanca, a move welcomed by the Italian government but List and investors were confused.
Mediobanca CEO Alberto Nagel said in a letter sent to employees on Saturday, seen by Reuters, that the MPS proposal has not been agreed with the bank and that the board will He said he expressed his opinion with the aim of protecting interests. employee.
On Friday, sources close to the situation told Reuters that, although not unexpected, the MPS proposal was not friendly.
MPS is offering 23 of its own shares for every 10 Mediobanca shares tendered, representing a 5% premium over Thursday’s closing price. However, with MPS shares down 7% on Friday, the offer would represent a 1.2 billion euro discount to the market price.
(1 dollar = 0.9530 euro)
(Reporting by Gianluca Semeraro; Editing by Tomasz Janowski)
