MPS gains control of Mediobanca. This historic transition could have repercussions on the entire structure of Italian finance, from the possibility of a third banking hub to the governance of Generali.
The offer launched by Monte dei Paschi on Piazzetta Cuccia closed today with membership equal to 62,3% of the capital, well above the minimum threshold of 35%, but also above the 51% that many considered the main objective to be achieved. The decisive factor for the result was the cash relaunch of 0,9 euros per share (750 million in total) approved by the board of directors of the Sienese bank last September 2nd. Now, with the reopening of the deadline set from September 16th to 22nd, the institute led by Luigi Lovaglio aims to exceed 66,7% of the capital that would put Siena in a position to easily integrate the two banks, delist Mediobanca (if it wants) and fully exploit the estimated 700 million in synergies. The Tuscan bank has, however, already reached an important milestone: with such high membership it will be able to fully benefit from the tax benefits of DTAs.
MPS-Mediobanca: 62,3% of the total membership.
In a final sprint, 134.114.712 membership requests were submitted on the last available day, a significant number that brought the total to 506.633.074. In percentage terms, this is 62,2951% of the shares subject to the offer.
It was clear from the first few weeks that the offer was on the right track, with the support of the two major shareholders, Delfin and Caltagirone, who had contributed their shares, guaranteeing the initial 30% stake in the takeover bid. This support arrived just as the Mediobanca shareholders' meeting rejected the takeover bid for Banca Generali, Nagel's last resort to resist Siena's attack. Then, after the cash raise, the pension funds and the Benetton, Tortora, and Doris families joined in. Until recently, these names had been the backbone of the investment bank's shareholders' agreement, which had gradually shed members over the months (also due to the departure of big names like the Ferrero and Acutis families).
Nagel towards resignation
A clear result obtained by Monte dei Paschi in the context of the takeover bid launched on Mediobanca, which could become even more resounding after the reopening of the terms from September 16th to 22nd. At this point, they seem ever closer the resignation of Mediobanca CEO Alberto Nagel, together with the rest of the board of directors chaired by Renato Pagliaro.
The step back of Nagel, CEO of Mediobanca since 2008 (general manager since 2007), according to Bloomberg, It could in fact arrive as early as the board meeting scheduled forSeptember 18th. On October 28th, during the Piazzetta Cuccia meeting called to approve the budget, the new board representing MPS could be appointed, with a list that will also include the names of the new CEO and the new president.
The two stocks on the stock exchange
On the stock exchange, both stocks gained around half a percentage point today, travelling at prices that offer a prize of eight cents compared to the official exchange rate of 2,533 MPS shares plus 0,90 euros in cash for each Mediobanca share delivered.
