Overview

• Mediobanca has formally launched a €6.3 billion public exchange offer to acquire 100% of Banca Generali, using its 13.1% stake in Assicurazioni Generali as payment.
• The proposed deal values Banca Generali shares at €54.17 each, offering an 11.4% premium over their last closing price.
• If successful, the merger would establish a wealth management giant with €210 billion in assets under management, €4.4 billion in revenues, and 3,700 advisors.
• The transaction requires approval from Mediobanca shareholders on June 16 under the passivity rule, followed by regulatory clearances for an anticipated autumn closing.
• Assicurazioni Generali, holding a 50.17% stake in Banca Generali, is evaluating the offer and may agree to a 12-month lock-up on the shares it receives.