Latest news with #MontePaschi
Yahoo
16-06-2025
- Business
- Yahoo
Mediobanca's Banca Generali vote delay prevented possible defeat, sources say
By Gianluca Semeraro, Valentina Za and Giuseppe Fonte MILAN (Reuters) -Mediobanca's decision to delay the shareholder vote on its bid for Banca Generali prevented a likely defeat from shareholders who oppose the deal and have beefed up their holdings in recent weeks, four sources close to the matter said. On Sunday, Mediobanca said it would delay until September 25 the vote that had been scheduled for Monday. The proposed Banca Generali acquisition was announced in April as Mediobanca strived to fend off a takeover bid by state-backed Monte dei Paschi di Siena, or MPS. MPS is expected to formally launch its hostile offer for Mediobanca, one of many takeover bids reshaping Italian finance, in July. The bid was announced in January but several months are necessary for the all required authorisations. Were it to succeed, it would cast doubt over whether Mediobanca would be able to pursue the Banca Generali acquisition. Mediobanca CEO Alberto Nagel had bet on the Banca Generali deal as an alternative to the MPS project, hoping it would also make Mediobanca too big for the smaller rival to swallow. But Mediobanca shareholders looking to thwart the Banca Generali deal have accumulated an additional combined near 11% stake in the bank with their allies in the last few weeks, one of the sources said. That tilted the odds of Monday's vote against Nagel, prompting the board of the bank to opt to delay the shareholder meeting, the sources said, declining to be named because of the sensitivity of the issue. The deal risked lacking the support of some 40% of Mediobanca's capital, including also shareholders who would have abstained, a fifth source separately said. JUDICIAL PROBE Opposition to the deal is led by Francesco Gaetano Caltagirone who has increased his Mediobanca stake to 10% and 7%, and can count on the support of UniCredit CEO Andrea Orcel. UniCredit, which faces government opposition to its own bid for Banco BPM, held 1.9% of Mediobanca ahead of Monday's vote as part of its equity trading activity. By abstaining, it would have helped the "against" front. Nagel has long faced opposition by both Caltagirone and Mediobanca's biggest investor, Delfin, the holding company of late Ray-Ban billionaire Leonardo Del Vecchio. Delfin and Caltagirone became investors in MPS when the Italian Treasury in November sold a stake in the bailed out bank. That sale is being investigated by Milan prosecutors who are investigating how the process was handled. The sources said the vote postponement had also bought time to see how the criminal investigation unfolded. While Delfin Chairman Francesco Milleri has welcomed Nagel's efforts to promote change at Mediobanca, Caltagirone has criticised the Banca Generali deal saying he saw no value in it. The two are also some of the biggest shareholders in Assicurazioni Generali, Italy's biggest insurer, which owns private bank Banca Generali. By using its Generali shares as payment for the Banca Generali deal, Nagel hoped to win over Delfin and Caltagirone who have repeatedly criticised Mediobanca's influence over Generali. The three latest clashed in April when Generali shareholders picked a new board. At the time, following a last minute U-turn, UniCredit CEO Andrea Orcel sided with Caltagirone after amassing a 6.7% Generali stake. (Additional reporting by Giulio Piovaccari; editing by Barbara Lewis) Sign in to access your portfolio
Reuters
16-06-2025
- Business
- Reuters
Mediobanca's Banca Generali vote delay prevented possible defeat, sources say
MILAN, June 16 (Reuters) - Mediobanca's decision to delay the shareholder vote on its bid for Banca Generali prevented a likely defeat from shareholders who oppose the deal and have beefed up their holdings in recent weeks, four sources close to the matter said. On Sunday, Mediobanca ( opens new tab said it would delay until September 25 the vote that had been scheduled for Monday. The proposed Banca Generali acquisition was announced in April as Mediobanca strived to fend off a takeover bid by state-backed Monte dei Paschi di Siena, or MPS ( opens new tab. MPS is expected to formally launch its hostile offer for Mediobanca, one of many takeover bids reshaping Italian finance, in July. The bid was announced in January but several months are necessary for the all required authorisations. Were it to succeed, it would cast doubt over whether Mediobanca would be able to pursue the Banca Generali acquisition. Mediobanca CEO Alberto Nagel had bet on the Banca Generali deal as an alternative to the MPS project, hoping it would also make Mediobanca too big for the smaller rival to swallow. But Mediobanca shareholders looking to thwart the Banca Generali deal have accumulated an additional combined near 11% stake in the bank with their allies in the last few weeks, one of the sources said. That tilted the odds of Monday's vote against Nagel, prompting the board of the bank to opt to delay the shareholder meeting, the sources said, declining to be named because of the sensitivity of the issue. The deal risked lacking the support of some 40% of Mediobanca's capital, including also shareholders who would have abstained, a fifth source separately said. Opposition to the deal is led by Francesco Gaetano Caltagirone who has increased his Mediobanca stake to 10% and 7%, and can count on the support of UniCredit CEO Andrea Orcel. UniCredit, which faces government opposition to its own bid for Banco BPM ( opens new tab, held 1.9% of Mediobanca ahead of Monday's vote as part of its equity trading activity. By abstaining, it would have helped the "against" front. Nagel has long faced opposition by both Caltagirone and Mediobanca's biggest investor, Delfin, the holding company of late Ray-Ban billionaire Leonardo Del Vecchio. Delfin and Caltagirone became investors in MPS when the Italian Treasury in November sold a stake in the bailed out bank. That sale is being investigated by Milan prosecutors who are investigating how the process was handled. The sources said the vote postponement had also bought time to see how the criminal investigation unfolded. While Delfin Chairman Francesco Milleri has welcomed Nagel's efforts to promote change at Mediobanca, Caltagirone has criticised the Banca Generali deal saying he saw no value in it. The two are also some of the biggest shareholders in Assicurazioni Generali ( opens new tab, Italy's biggest insurer, which owns private bank Banca Generali. By using its Generali shares as payment for the Banca Generali deal, Nagel hoped to win over Delfin and Caltagirone who have repeatedly criticised Mediobanca's influence over Generali. The three latest clashed in April when Generali shareholders picked a new board. At the time, following a last minute U-turn, UniCredit CEO Andrea Orcel sided with Caltagirone after amassing a 6.7% Generali stake.
Mint
02-06-2025
- Business
- Mint
Monte Paschi May Lower Threshold for Mediobanca Bid: Repubblica
(Bloomberg) -- Banca Monte dei Paschi di Siena SpA is considering reducing the minimum acceptance rate in its bid to acquire Italian rival Mediobanca SpA, La Repubblica reported on Saturday, citing financial sources it didn't identify. Monte Paschi could reduce the threshold to 51% or lower from the current rate of almost 67%, the newspaper said. Chief Executive Officer Luigi Lovaglio is willing to ease the condition to reflect a widening divergence in the share prices of both banks after Mediobanca's recent rally, according to the report. The changing price dynamic means Monte Paschi would have to offer an additional €2 billion ($2.27 billion) to persuade Mediobanca shareholders to accept at current levels, Repubblica said. A reduction in the acceptance rate to 50% would only require an additional €1 billion, a sum Monte Paschi could handle, it said, citing analysts. Italy's oldest lender made the surprise all-share bid in January in a deal that valued the target at about €13.4 billion at the time. Mediobanca's market capitalization has since risen to more than €17 billion, while Paschi's market value has increased at a proportionally slower rate. The foray is one of a series of overlapping deals currently in play that stand to reshape Italy's financial industry. In late April, Mediobanca itself launched a takeover bid for Banca Generali SpA, the private banking arm of Assicurazioni Generali SpA, as a way to escape from Monte Paschi's clutches. Mediobanca holds 13% of Assicurazioni Generali and the proposed deal would swap its stake in the insurance company for Banca Generali shares. More stories like this are available on
Bloomberg
31-05-2025
- Business
- Bloomberg
Monte Paschi May Lower Threshold for Mediobanca Bid: Repubblica
Banca Monte dei Paschi di Siena SpA is considering reducing the minimum acceptance rate in its bid to acquire Italian rival Mediobanca SpA, La Repubblica reported on Saturday, citing financial sources it didn't identify. Monte Paschi could reduce the threshold to 51% or lower from the current rate of almost 67%, the newspaper said. Chief Executive Officer Luigi Lovaglio is willing to ease the condition to reflect a widening divergence in the share prices of both banks after Mediobanca's recent rally, according to the report.
Yahoo
22-05-2025
- Business
- Yahoo
Banco BPM urges UniCredit to drop bid if it can't meet govt's demands
MILAN (Reuters) -Banco BPM on Thursday urged suitor UniCredit to abandon its buyout offer, given the bank led by CEO Andrea Orcel has told authorities it cannot comply with the conditions Rome has imposed to authorise the BPM takeover. UniCredit on Wednesday secured from market regulator Consob a 30-day suspension of its tender offer for Banco BPM as it seeks to persuade the government the conditions cannot be met in their current form. A government source told Reuters on Wednesday the government has no intention of altering its demands. Banco BPM said UniCredit had not made clear to investors what it had told authorities in Rome instead, meaning the conditions Italy has imposed in the name of national security interests cannot be implemented. Such a predicament "which was also never disclosed by UniCredit to the market, should in itself cause the offer to lapse", the bank said. UniCredit has raised objections to the prescriptions and engaged with the government officials who are in charge of monitoring they are implemented in an effort to prove it is impossible to comply. Orcel has antagonised Italy's government by swooping on BPM in November, a move that thwarted Rome's efforts to encourage a tie-up between BPM and state-backed Monte dei Paschi di Siena. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
