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4w ago

MPS Wins Control of Mediobanca With 62.3% After Cash‑Sweetened Offer

A brief reopening from Sept. 16 to 22 will test whether Siena can reach the two‑thirds threshold needed for a merger.

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Overview

  • Borsa Italiana reported 62.29% acceptances for the MPS bid, with 134.1 million Mediobanca shares—about 16.5% of capital—tendered on the final day.
  • The consideration was 2.533 MPS shares plus €0.90 per Mediobanca share, a late cash addition paired with removal of the 66.7% condition that accelerated uptake.
  • Support from Delfin and the Caltagirone group, together near 30%, paved the way for major institutions such as Vanguard, Fidelity, BlackRock and Norges Bank to join, driving the surge.
  • Settlement is slated for Sept. 15, a Sept. 18 board meeting is expected to note the outcome, and the Financial Times reports CEO Alberto Nagel and the board are preparing to resign.
  • Control allows MPS to consolidate Mediobanca’s deferred tax assets and influence its Generali stake, with cited potential synergies in the hundreds of millions and DTAs around €2.9 billion.