Particle.news

Download on the App Store

Monte dei Paschi Fixes 35% Threshold in Mediobanca Exchange Offer

The prospectus commits to preserving staff contracts, triggers ECB reporting at each control threshold, schedules the exchange offer for July 14 through September 8.

Image

Overview

  • Mps’s offer only becomes effective if holders of at least 35% of Mediobanca’s voting rights participate, a non-waivable condition for the bid.
  • The bank says a 35–50% stake delivers de facto control and allows planned cost synergies and strategic initiatives to proceed despite potential implementation delays.
  • Deferred tax asset benefits will be realized at €300 million per year until 2036 under sub-50% control, compared with €500 million annually if full consolidation is reached.
  • The share-swap offer opens July 14 for 40 trading days and awaits Mediobanca’s expected opposition followed by decisive shareholder votes.
  • Major investors including Delfin and Caltagirone are poised to support the swap, boosting Mps’s prospects of meeting its minimum participation target.