Overview

• Acceptances in Monte dei Paschi’s exchange offer have risen to 45.8% of Mediobanca’s capital, short of majority control but above the 35% threshold that makes the bid effective.
• The initial offer period closes on 8 September with settlement slated for 15 September, followed by a reopening window from 16 to 22 September and final settlement on 29 September.
• Mediobanca’s board again rejected the bid as inadequate and risky, with Sandro Panizza voting against and vice chair Sabrina Pucci abstaining.
• Mps added a €0.90-per-share cash sweetener and dropped the 66.7% condition while keeping the 35% minimum, a structure Mediobanca says signals an intent to take control in fact.
• Major shareholders including Delfin, the Caltagirone group, Benetton/Edizione, Enpam, the Tortora family and the Doris family have tendered, as Fitch shifted Mediobanca’s outlook to negative and both banks’ shares fell.