Overview

• Mps added €0.90 per Mediobanca share in cash, converting the deal into an OPAS worth about €13.5 billion and dropping the 66.7% condition while keeping a 35% minimum.
• Recorded acceptances reached roughly 38.5% of Mediobanca’s capital after deliveries from Delfin, the Caltagirone group, Edizione, Enpam, Pierluigi Tortora and other investors.
• The initial offer period closes on 8 September with an additional window set for 16–22 September, during which Mps will try to lift its stake toward or above 50%.
• Mps says it would retain a pro‑forma CET1 ratio around 16% and targets full consolidation to accelerate use of €2.9 billion in DTAs, estimating up to ~€500 million per year in benefits if majority control is achieved.
• Mediobanca’s board is convening to reassess the revised terms, and regulatory scrutiny, particularly from the ECB, remains a key factor as the process advances.