Consob has given the go-ahead for the takeover bid for Casaforte. Monte dei Paschi communicates it through a note. The national commission for companies and the stock exchange has approved the voluntary public tender offer document on the asset-backed securities classes, issued in December 2010 by Casaforte.
The subscription period for the offer agreed with Consob, specifies Mps, will start at 8.30 (Italian time) on Monday 29 October 2018 and will end at 17.30 on Friday 16 November 2018, inclusive. November 16 will therefore be the closing date of the offer, subject to extensions.
It must be emphasized that this takeover bid is part of the broader restructuring project of the“Chianti Classico” operation which also includes the “Casaforte” securitization carried out by the Sienese bank in 2010 through, inter alia, the issue of Class A Notes and Class B Notes and the contribution of the related real estate assets to the Perimetro Gestione Property consortium real estate.
Indeed, in November eight years ago, Monte dei Paschi carried out the securitization of a part of its real estate assets and placed securities worth 1,5 billion on the market. The bank expected to collect 450 million from this operation, but market conditions complicated the Chianti Classico operation. In the event of total acceptance, the maximum total value will be 95,606.894,15 million euros.
