Overview

• The ECB’s Supervisory Board has signed off on Mps’s public exchange offer pending formal ratification by the Governing Council
• Mps intends to launch the bid in early July and wrap it up by September 25, the date of the extraordinary meeting on Banca Generali
• CEO Luigi Lovaglio set a minimum acceptance threshold at 66.67% of Mediobanca’s capital to secure access to Siena’s deferred tax assets
• The European Commission and Milan prosecutor are probing last year’s sale of a 15% government stake in Mps over potential state aid and bidding irregularities
• Monte dei Paschi, with a market value of about €8.7 billion, is targeting Mediobanca, whose market capitalization is near €16 billion