Mediobanca in Italy rejects the takeover bid from Monte Dei Paschi

Shareholders of the Italian lender Mediobanca Tuesday rejected a takeover bid of 13 billion euros from a smaller domestic pear Monte Dei Paschiin the midst of a rise in consolidation pillings in the Italian banking sector.

“The offer is devoid of industrial and financial reasons and is therefore destructive for Mediobanca,” said the lender in a statement.

The company added that the proposal has no industrial value, compromises that the identity and company profile of Mediobanca, as well as the profit for shareholders of both the lender and Monte Dei Paschi, “given the probability of a considerable loss of customers in that business Areas (such as Wealth Management and Investment Banking) that require professionals who are independent and are of high status and professionalism “.

CNBC has contacted Monte Dei Paschi for comments.

Monte Dei Paschi shares fell by 1.32% at 1:08 pm London after the news, with Mediobanca with 2.7%.

The oldest bank in the world, the rescued Monte Dei Paschi (MPS), unexpectedly launched a takeover administration for Mediobanca (MB) (MB), with 23 of its shares for 10 of its acquisition objective and valuation of Mediobanca’s AT15 shares. 992 euros each – or a premium of 5% to the narrow price of January 23. Some analysts have questioned the synergies that can arise from the trade union of the two banks, with a Barclays statement on January 27 with “this complementarity, value, value, the value, the value, the value, the value, The value, the value, the Value Creation drivers and in general, MPS strategy on MB is not yet clear.

Tuscany Monte Dei Paschi, for which the rescue of the State was needed in 2017 after years of abuse losses, has long been the poster -child of problems in the Italian banking sector, before a solid turnaround in his fortunes after the 2022 appointment of unicredit veteran Luigi Lovaglio To helmet the bank.

The Italian government has long tried to privatize the lender, but retains an interest of 11.73% after diluting its position last year. The investors of Monte Dei Paschi include Mediobanca shareholders such as business Tycoon Francesco Gaetano Caltagirone and Delfin -the holding company of the late billionaire Leonardo del Vecchio, who has raised his MPS sample since January to 9.78%.

In his Tuesday declaration, Mediobanca emphasized the “significant cross -shifts of Delfin and Caltagirone” in the money lender, Monte Dei Paschi and the Italian insurer Assicurazioni Generali, who wondered whether this represents a “potential wrong alignment of interests in the context” of the context of the context of the takeover bid.

The government of Rome of Giorgia Meloni has long tried to find a partner for Monte Dei Paschi, who was once praised by Unicredit as a potential acquisition objective as a potential acquisition objective Until conversations were resolved in 2021. Last year, the third largest lender Banco BPM from Italy bought a 5% interest In Monte dei Paschi from the government. But the surprising range of Unicredit $ 10.5 billion for Banco BPM in November paralyzed any further movements on MPS, pushed Rome into a corner and Unicredit CEO Andrea or Cel against Meloni.

In September, Unicredit also unexpectedly spread his wings with a ringbuild in the German lender Commerzbank, which raised questions about potential ambitions of cross -border consolidation.