Monte dei Paschi Launches $13.9 Billion Takeover Bid for Mediobanca

The surprise offer aims to create a new Italian banking leader, though Mediobanca has described the move as hostile.

Monte dei Paschi di Siena (MPS) has announced a €13.3 billion ($13.9 billion) all-share buyout offer for its larger rival Mediobanca, valuing Mediobanca shares at a 5% premium to their previous closing price.
The proposed merger would combine MPS's retail and commercial banking strengths with Mediobanca's expertise in private banking and wealth management, targeting €700 million in annual pre-tax synergies.
Mediobanca has reportedly characterized the offer as hostile, with its board expected to convene soon to review the proposal.
The deal is positioned as an effort to create a 'national champion' in Italy's banking sector, with the combined entity aiming for a strong competitive position in key markets.
The offer follows years of restructuring at MPS, which was bailed out by the Italian government in 2017, and comes during a period of heightened merger activity in Italy's banking industry.