Mediobanca accelerate and calls the shareholders' meeting for August 21st called to decide on the public purchase offer (Oops) on General BankThe confirmation came yesterday evening after the markets closed, after a day that began with the expected step of the Lion of TriesteGenerali's Board of Directors has expressed its "willingness to continue discussions" with Piazzetta Cuccia, reserving the right to evaluate the offer in the coming weeks "in full compliance with its own processes." This is not yet a definitive yes, but it is an opening that allows the CEO Albert Nagel to advance the plan to create an Italian wealth management hub with over €215 billion in assets, 3.750 consultants, and significant industrial synergies.
Mediobanca revises its terms: more time and flexibility for signing agreements.
As the decisive day approaches, the board has updated alcune condizioni key to the plan to overcome the critical issues that had caused the postponement of the previous June meeting, including the lack of a clear negotiating basis with Trieste.
Among the main ones new, the company of distribution agreements will be limited to Mediobanca and Generali, leaving open the possibility for Gian Maria Mossa's group to join at a later date. Furthermore, it will no longer be necessary to immediately sign a binding strategic agreement with the Lion; a preliminary term sheetThe verification of this condition – as well as that relating to the lock-up on the Generali shares intended for the payment of the offer (i.e. the commitment not to sell these shares for one year) – will no longer have to take place within the publication of the offer document, but may be carried out by the penultimate day of the membership period.
These changes They extend the deadline for verifying two of the most sensitive conditions as much as possible, thus offering greater room for maneuver to all parties involved.
Mediobanca-Generali: Dates to Mark on Your Calendar
In calendar of the next few weeks, the record dates – that is, the deadline by which shareholders must deposit securities in order to exercise the right to vote at the meeting – is set on 11 August, while the authorization of the ECBcould arrive on the 18th. Then it will be the turn of the Consob, which must approve the prospectus within five working days. If everything goes smoothly and the shareholders' meeting gives the green light, the exchange offer could begin as early as the beginning of September and can only be suspended if one of the binding conditions is no longer met.
The timing is far from coincidental: a few days later, On September 8th, the Ops will end di Monte dei Paschi di Siena on Mediobanca. The Piazzetta Cuccia board has already rejected the Siena-based bank's offer, deeming it inconsistent with the growth strategy outlined in the "One Brand One Culture" plan, and in its latest press release reiterated its negative assessment of the offer. While Nagel is accelerating his efforts on Banca Generali to activate the shield against MPS's ambitions, Rocca Salimbeni is working to ensure we are not just spectators..
