Overview

• Assicurazioni Generali’s board has approved continued talks to assess Mediobanca’s proposal for swapping its 13% insurance stake into full control of Banca Generali, subject to final industrial-partnership terms.
• Mediobanca has summoned shareholders to an August 21 meeting to vote on its defensive swap plan, which would extend Banca Generali’s distribution agreement to ten years and cover its 1,500-strong advisory network.
• Monte dei Paschi di Siena’s €13.3 billion exchange offer for up to 66.67% of Mediobanca remains active after ECB and antitrust clearance, with a 35% minimum acceptance threshold.
• Small shareholder Bluebell has petitioned Consob to suspend Mps’s bid for up to 30 days over its simplified information document, setting a TAR Lazio hearing for September 8.
• Both the shareholder vote and the September 8 court ruling will shape the outcome before the closing of Mps’s exchange offer.