Intesa Sanpaolo to keep MPS Mediobanca bid terms in prospective offer
Intesa Sanpaolo is preparing a prospective offer for Mediobanca that preserves the exchange terms previously agreed in Monte dei Paschi di Siena's failed bid for the merchant bank. The plan matters because full control of Mediobanca is needed to delist the lender and integrate it completely into Intesa's group structure.
Highlights
- Intesa Sanpaolo's prospective offer for the remaining 14% of Mediobanca will keep the original exchange ratio approved in March.
- Completion of Intesa's offer for the remaining Mediobanca shares is conditional on the successful €34.5 billion acquisition of MPS.
- Intesa aims to acquire 100% of Mediobanca to enable delisting and full integration into the group, aligning with board-approved terms.
Prospective offer keeps earlier exchange ratio
As reported by Reuters, Intesa said in its bid document for Monte dei Paschi di Siena, or MPS, that a future offer for the 14% of Mediobanca shares it would not acquire through MPS is conditional on the MPS takeover being completed.The document, published late on Tuesday, shows the prospective bid maintains the exchange ratio that the boards of MPS and Mediobanca approved in March, before Intesa announced its own 34.5 billion euro takeover offer for MPS in June.
MPS had bought 86% of Mediobanca last year and had been working to acquire the remainder of the Milan-based bank this year, but that plan was disrupted after Intesa moved on MPS.
Integration and delisting rationale
Intesa, Italy's biggest bank, indicates that acquiring 100% of Mediobanca is necessary to delist the bank and fully integrate it into the group.The structure of the planned follow-on offer suggests Intesa is seeking continuity with the terms already endorsed by both boards earlier this year, while tying the next step directly to the success of its takeover of MPS.
As we previously wrote, sovereign ratings pressure is rising as geopolitical tensions and elevated fiscal spending lift borrowing risks.
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