Mediobanca has launched a public exchange offer on Banca Generali from 6.3 billion euros, money that would be obtained from the sale of participation in General Insurance of the Milanese bank. An exchange, which would respond to the doubts of the shareholders of Mediobanca, perplexed by the fact that 30% of the institute revenues derive from his participation in the Trieste company.
However, it is also a move in what is commonly called The Italian banking Risiko. Mediobanca is in fact under the hostile Oops by the Monte dei Paschi di Siena, an operation that, according to many observers, mainly aims at the participation of Mediobanca in General Insurance.
Mediobanca’s offer for Banca Generali
According to many analysts, Mediobanca’s Ops for Banca Generali makes sense from an economic point of view for the group. Banca Generali deals with the Management of great assets And its merger with Mediobanca would create the second Italian group in this sector.
There is talk of assets under management of 210 billion eurosa turnover of 2 billion and with a growth potential of over 15 billion per year. The planned synergies are estimated at 300 million euros, of which 50% would derive from a reduction in costs, 28% from revenues and 22% from the funding.
Today, as mentioned, 30% of Mediobanca revenues depend on their participation in Generali, of which he is the first shareholder with 13.1%. The list supported by Mediobanca has recently obtained the re -election of its candidates at the helm of General Insurance. However, this situation does not like many shareholders, including The families of the old and Caltagirone.
Because the OPS of Mediobanca is a response to that of MPS
Before being able to proceed with the OPS, however, Mediobanca will have to wait for the General Shareholders’ Meeting of 16 June. The management must obtain the approval of 50%+1 action of the bank’s share capital, as required by Passivity Rule. In fact, Mediobanca is in turn below Oops by Monte dei Paschi di Siena.
The management of Mediobanca, however, had accused MPS of wanting to carry out this only to obtain a participation in the general insurance, through 13.1% controlled by Mediobanca itself. In this context, the OPS on Banca Generali, which entails the sale of Mediobanca’s participation in the General Insurance, is seen as a countermenified.
The Milanese bank is testing the offer of the Tuscan one, trying to reveal what the management claims to be A bluff. Mps would not be really interested in Mediobanca for the possible synergies between the two institutes, but it would only acquire it as a means of reaching general insurance.
The other operations of the banking Risiko
This intertwining of operations is usually called bank risk. The current “game” began when Mps tried to acquire Banco Bpm. Unicredit He replied with his own OPS for BPM, who frightened Mps, then brought to Mediobanca. In the meantime, BPER, Banca Ifis and BPM herself are also proceeding with acquisitions and mergers.
The situation, already complicated in itself, is made further intricate by the fact that some Italian entrepreneurial families participate in many of the credit institutions involved. They are above all of the Del Vecchio (luxottica), the Caltagirone, dei Ferrero and gods Benettonwith a more marginal role of the Berlusconi and the Agnelli-Elkann.
