Overview

• Monte dei Paschi launched a €13 billion hostile exchange offer in mid-July targeting up to 66.7% of Mediobanca to unlock deferred tax credits.
• Mediobanca reported record first-half results with revenues up 3% to €3.7 billion, net profit rising 4% to €1.3 billion, and proposed a total dividend of €1.15 per share.
• Uncertainty over the hostile bid has led bankers managing about €1.5 billion in private assets to depart, prompting the bank to introduce client retention measures.
• Once the ECB clears the takeover by August 18, Mediobanca will file its prospectus with Consob, which has five days to approve the offer document ahead of the shareholders’ meeting.
• Major investors holding blocking stakes, including Delfin and VM2006, will be pivotal at the extraordinary meeting where approval also depends on Generali’s green light for distribution agreements on August 6.