The first phase of the public purchase and exchange (Opas) Totalitarian volunteer promoted by Banca Monte dei Paschi di Siena on the ordinary actions of Mediobanca was closed. Membership requests reached 506,633.074, equal to 62.2951% of the shares covered by the offer, widely exceeding the minimum threshold of 35% and thus consolidating control over the squares. The actions purchased on the market on 5 and 8 September were not made, but the offer will reopen from 16 to 22 September to allow further contributions.
Changes to the top and governance
According to what is reported by Financial Times and Bloomberg, the CEO of Mediobanca, Alberto Nagel, is preparing to resign together with the entire Board of Directors. The decision could already arrive at the board of the board of September 18, or be postponed to an assembly in October for the appointment of the new councilors, so as to reflect the change of control. The transformation of governance marks a crucial passage in the integration between Rocca Salimbeni and Mediobanca. Meanwhile, Acea has denied the rumors with a note according to which the CEO of the group, Fabrizio Palermo, would be involved in the future reorganization for the guidance of Mediobanca.
End of an era: the pact between members is dissolved
At the same time as the outcome of the offer, the Members of Mediobanca decided to dissolve the consultation agreement, which represented the sequel to the historic union pact abandoned in 2018. The agreement, which collected about 5.97% of the capital with 48.5 million shares, did not provide for vissses of voting or blocking, but served as a comparison between the patients. Recent sales by some members and the choice to confer the actions in Opas have accelerated the conclusion of this experience, sanctioning the definitive opening of the capital of Mediobanca to the market and the new structure with MPS.
Reactions
The success of the operation was also welcomed on a political level. “Historical day for the Italian financial world,” said vice -premier Matteo Salvini, remembering how Mps, once in the balance for bad management, has returned to play a leading role.
The CEO of MPS, Luigi Lovaglio, underlined that the market rewarded the “industrial logic and value creation” of the operation. Lovaglio defined the integration with Mediobanca “a new highly diversified and resilient competitive force”, capable of becoming a point of reference in the Italian and European banking sector.
