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Monte dei Paschi di Siena launches 34 billion euro defensive bid
Monte dei Paschi di Siena (MPS) has approved a defensive strategy to counter a takeover bid from Intesa Sanpaolo. The plan involves two simultaneous, all-share exchange offers to acquire Banco BPM and Banca Generali, with a total estimated value of approximately 34 billion euros.
The offer for Banco BPM is valued at roughly 25.3 billion euros, utilizing an exchange ratio of 1.567 MPS shares for each Banco BPM share. The offer for Banca Generali is valued at approximately 8.7 billion euros, providing a 10 percent premium with an exchange ratio of 6.958 MPS shares per Banca Generali share. To further incentivize support, MPS plans to distribute an extraordinary dividend of 4 billion euros to its shareholders, consisting of 1 billion euros in cash and 3 billion euros in Banca Generali shares.
If fully accepted, the resulting group—which would also incorporate Mediobanca—would become the third-largest Italian banking group by total assets, with approximately 466 billion euros in assets and over 810 billion euros in total financial assets. The plan requires approval from an extraordinary shareholders' meeting scheduled for October 29. The effectiveness of the strategy remains subject to regulatory approvals and reaching a minimum acceptance threshold of 50 percent plus one share.
Entities
Banca Generali · Banco BPM · Intesa Sanpaolo · Luigi Lovaglio · Monte dei Paschi di Siena
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] Mps holds a 12% stake in Banca Generali through Mediobanca. www.italpress.com
- [● 4 SOURCES] Mps is considering a dual-track defensive strategy involving exchange offers (Ops) for Banco Bpm and Banca Generali. www.bologna2000.com · www.italpress.com
- [● 2 SOURCES] Credit Agricole holds nearly 30% of Banco Bpm. www.italpress.com
- [○ 1 SOURCE] The proposed dual exchange offer faces regulatory uncertainty and would require European Central Bank authorization.
- [○ 1 SOURCE] Mps's defensive plan may involve an exchange of shares for Banca Generali's 100% ownership.
- [● 5 SOURCES] Mps CEO Luigi Lovaglio has convened an extraordinary Board of Directors meeting for August 20 to counter Intesa Sanpaolo's takeover bid. www.bologna2000.com · www.iltempo.it · www.sassuolo2000.it · www.dialessandria.it
- [● 11 SOURCES] The 'passivity rule' could restrict Mps from taking defensive actions without shareholder approval. www.bologna2000.com · www.dialessandria.it · erreemmenews.it · www.investiremag.it · www.notizie.it
- [● 9 SOURCES] Intesa Sanpaolo has launched a 30.6 billion euro takeover bid for Mps. www.bologna2000.com · www.iltempo.it · www.sassuolo2000.it · www.dialessandria.it · www.investiremag.it
- [● 19 SOURCES] Crédit Agricole, the main shareholder of Banco Bpm, has shown coldness toward an aggregation hypothesis. erreemmenews.it · www.notizie.it · www.bologna2000.com · www.dialessandria.it · www.investiremag.it · +7 more
- [● 12 SOURCES] Mps is considering a total exchange offer for Banco Bpm. erreemmenews.it · www.notizie.it · www.bologna2000.com · www.dialessandria.it · www.investiremag.it · +1 more
- [○ 1 SOURCE] Antonio Misiani stated that the state should remain a shareholder in Mps to safeguard its integrity.
- [● 14 SOURCES] Mps is studying a complex operation involving Banca Generali. erreemmenews.it · www.notizie.it · www.bologna2000.com · www.dialessandria.it · www.investiremag.it · +2 more