Overview

• Monte dei Paschi di Siena’s exchange-and-cash offer closed the first phase with acceptances surpassing the majority threshold, delivering control of Mediobanca.
• The offer will reopen from September 16 to 22 to allow further tenders that could lift MPS’s stake toward two thirds, with settlement of tendered shares expected around September 15.
• Il Sole 24 Ore reports that the Financial Times says CEO Alberto Nagel and the entire Mediobanca board plan to step down at a September 18 meeting after opposing the bid.
• MPS added €0.90 per Mediobanca share to the 2.533-for-1 share swap and dropped the 66.7% condition, a move that helped clear 50% and enables use of deferred tax assets at the group level.
• Support from Delfin and the Caltagirone group—together near 30%—and subsequent tenders from investors including the Doris family, Fidelity, Enpam, Anima and Tages proved decisive, with the outcome also intensifying political criticism over perceived government involvement and raising MPS’s influence over Generali.