The adhesions to the public exchange offer (OPS) launched by MPS on Mediobanca reached 27.1% of the titles covered by the offer at the end of the session of August 28, compared to 19.4% in which they had been for a few days and which mainly reflected the actions conferred by the first shareholder of Piazzetta Cuccia, Delfin, the holding of the old family.
The significant package
Yesterday 7.6% of the capital was delivered and, although there are no official confirmations on those who delivered the mega package, the eyes of the market are focused on the Roman entrepreneur Francesco Gaetano Caltagirone, who at the Mediobanca Assembly last August 21 had presented himself with a share just less than 10%, the highest after that of Delfin.
The timeline
The offer began on July 14, 2025 and, except for extensions, will end at 17.30 on 8 September with payment of the consideration on September 15th. To date, the offer proposes to exchange each Mediobanca action with 2.533 MPS shares. At the closing of yesterday’s stock exchange, the implicit value of the offer was 20.16 euros, at a discount of 3%.
The threshold
MPS, which has placed as a threshold the achievement of 66.67% of the capital, however, reserved it to accept even 35%, an indispensable minimum threshold that appears at hand. In addition to the certain support of Delfin and Caltagirone, MPS can count on the probable one of those who, among the accusations of conflict of interest by the CEO of Mediobanca Alberto Nagel, have contributed to the rejection of the operation on Banca Generali (in addition to the ENPAM coffers, Forensic Cassa and Enasarco, also Amundi, Soul, Tages, Benetton, Unicredit), even if these subjects could before joining. To use the DTAs (Deverred Tax Assets, deferred tax credits) the offer should however exceed the 50%threshold.
