The Italian bank Monte Dei Paschi (MPS) took control of his rival Mediabonca At the end of an acquisition public offer that ended this Monday, news agencies announced ANSA and Radiocor.
MPS, whose offer was considered hostile By the Board of Directors of Mediobanca, it now controls 62.3% of its rival on the last day of the OPA, according to a statement from the entity.
“This operation marks the birth of a new competitive force between the leaders of the Italian banking sector, with a range of products and services wide and diversified in the service of families, companies and territories,” according to the statement.
MPS managed to obtain a total of 134,114,712 actions of Mediobanca, according to the same source.
The Board of Directors of Mediobanca, which considered this “inadequate” and “without industrial logic” offer, could be forced to resign, according to the Radiocor Economic Agency.
MPS had improved its offer on September 2 by adding 0.9 euros ($ 1.05) in cash.
Monte Dei Paschi, who for years was in difficulties, surprised in January when he launched an OPA on Mediaboncaat a time when its stock capitalization was much lower than that of its objective.
In 2017 the bank, one of the oldest in the world, founded in 1472, was on the edge of bankruptcy and had to be rescued by the Italian statewhich became his main shareholder.
MPS OPA on Mediabonca It has the support of the Italian government, which expects the operation to create a large banking group capable of competing with Intense Sanpaolo and Unicredit.
Vice Italian Prime Minister Matteo Salvini exalted a “historical day for the Italian financial sector.” “We are proud to have contributed to rescue and reactivation,” he added.
