Banks Mediobanca rejects offer from crisis bank Monte dei Paschi

SDA

28.1.2025 - 18:18

The Italian Mediobanca has rejected the takeover bid from Monte dei Paschi di Siena. The offer submitted by Monte Paschi last week lacked any industry-related and financial rationality and was therefore destructive for Mediobanca, it said. (Archive image)
The Italian Mediobanca has rejected the takeover bid from Monte dei Paschi di Siena. The offer submitted by Monte Paschi last week lacked any industry-related and financial rationality and was therefore destructive for Mediobanca, it said. (Archive image)
Keystone

The Italian Mediobanca has rejected the takeover bid from Monte dei Paschi di Siena. The offer submitted by Monte Paschi last week was devoid of any industry-related and financial rationality and was therefore destructive for Mediobanca.

Keystone-SDA

This was announced by the Board of Directors. Monte Paschi had surprisingly submitted an offer for its competitor on Friday. The bank is offering 23 new treasury shares for every 10 Mediobanca shares.

This would value Mediobanca at 12.2 billion euros, based on the share prices at the close of trading on Monday. Mediobanca's market capitalization is currently around 13.4 billion euros, compared with around 7.9 billion euros for Monte Paschi.

Banca Monte dei Paschi is now earning money again following its rescue by the Italian state. In 2016 and 2017, the government had to save the bank from going under.

The takeover bid is the latest step in the merger poker among banks. The stock market giant Unicredit, for example, is trying to acquire Banco BPM and has also made a major investment in the German Commerzbank. Banco BPM submitted a takeover bid for asset manager Anima in November.