The long-awaited relaunch has arrivedIn order to convince institutional investors to join the offer on Mediobanca, MPS has put on the table 0,9 euros in cash per share, 750 million in total, transforming what was a takeover bid into a public takeover bid (OPA). In parallel, the bank led by Luigi Lovaglio has renounced the 66,7% threshold of the capital, keeping only the minimum threshold of 35%, which remains, at least officially, the only necessary condition for the offer's success. And, with the numbers in hand, there's no longer any doubt that the application period will close on September 8th (only to reopen from September 16th to 22nd), with that percentage already in the bag.
MPS close to Mediobanca's 35% stake
On Tuesday evening, subscriptions to MPS's offer on Mediobanca reached exceeded the threshold of 30% of the capitalYesterday, over 10 million shares were delivered, bringing the total stake to 30,125% (including the cancellation of 2,4% of treasury shares at the end of July) from 28,85% on Monday.
Among the titles awarded, in addition to the full participation of Delfin and Caltagirone who had already delivered their shares before the relaunch, there are also those of the Plt, the Tortora family holding company which joined with its own 1,1% and 2,2% in the hands of Edition of the Benetton family, which announced its support for the operation on Tuesday evening.
In the meantime, too the Enpam has decided to deliver its Mediobanca shares to MPS. Reportedly, the managers managing the stake on behalf of the doctors' and dentists' pension fund, which holds approximately 2% of Piazzetta Cuccia, have positively evaluated MPS's proposal, which includes a cash component of €0,9 per share. Although it hasn't been officially confirmed yet, the Siena-based bank is currently said to have approximately 34% of Mediobanca in its portfolio.
Enasarco also ready to join, MPS aims for 51%.
To reach and exceed 35%, only 1% is missing, which will probably come thanks to the other two pension funds. Enasarco, with its 2,5% it would already be ready to join, followed closely by Forensic Fund (1%).
They should also go in the same direction Anima, Amundi and Unicredit (approximately 2%) who had opted to abstain both at the Mediobanca shareholders' meeting which rejected the takeover bid for Banca Generali and at that of Monte dei Paschi which in March had voted in favor of the offer for Piazzetta Cuccia.
Having secured the minimum threshold, MPS's objective is now to reach 50% plus one share of Mediobanca, a level that would allow Lovaglio & Co. to ensure control of governance and exploit the tax benefits of DTAs.
To do this, you will need the shares in the hands of institutional investors These are thus crucial to understanding the true integration between the two banks once the bidding period ends. The tender offer is still just a few days away, although the waiver of the 66,7% threshold will allow MPS to reopen the offer for another five business days, from September 16th to 22nd.
Mediobanca's board of directors meets on Thursday
Meanwhile, tomorrow is scheduled for Board of Directors of Mediobanca which will have to update its assessment of Siena's proposal in light of the 0,9 euro per share raise. In all likelihood, the Piazzetta Cuccia management will reiterate that the offer is not adequate from an economic and industrial point of view, continuing to speak of a “hostile” ops (now opas).
Meanwhile, at Piazza Affari the stock market continues sales on securities Mediobanca (-0,6%) and MPS (-1%): after a positive start, the prices of both institutions quickly returned to negative territory, extending the declines of the previous day. Movements that do not alter the balance of power: MPS's new offer, after the 750 million euro raise, remains at 0,3% premium compared to stock market values.
