(Reuters) – Banco Monte dei Paschi di Siena (MPS) said on Friday it would launch a 13.3 billion euro ($13.9 billion) buyout offer for all shares of Mediobanca (OTC:), the latest surprise development in a complex process. The Italian banking saga.
Monte dei Paschi (MPS), which for years was a problem in the Italian banking sector until the 2017 bailout, is offering 23 shares of its own for every 10 Mediobanca shares tendered, equivalent to a 5% premium to Thursday's closing price.
The takeover bid comes after Italy's campaign to re-privatize Tuscan Bank included as shareholders Delfin, the holding company of the late billionaire Leonardo Del Vecchio, and fellow businessman Francesco Gaetano Caltagirone.
Delfin is Mediobanca's largest shareholder with a 19.8% stake while Caltagirone holds 7.8%.
($1 = 0.9568 euros)
