The Government he said implicitly Yes to the public exchange offer (OPS) presented by Montepaschi on Mediobancadeciding not to exercise the powers attributed by Golden Power to block the operation. The offer, which is well seen by analysts, will be under consideration of the shareholders’ meeting convened for Thursday 17 April, for the approval of the capital increase at the service of the OPS.
The MPS note
Banca Monte dei Paschi di Siena announced this morning with a note that “the Presidency of the Council of Ministers has deliberated, in acceptance of the proposal of the Ministry of Economy and financethe non -exercise of the special powers “pursuant to the Golden Power legislation,” with reference to the public exchange offer (OPS) of MPS on the totality of the ordinary actions of Mediobanca “. The no at the Golden Power represents the First success achieved in the approval process OPS.
The green light of the ECB for the capital increase
Meanwhile, last week, the Sienese bank received from European Central Bank (ECB)authorizations relating to computability such as primary capital of class 1 (CET 1)of the new actions issued in the context of the capital increase at the service of the OPS and the statutory changes concerning the delegation to the Board of Directors for the capital increasesubject to the approval of these statutory changes by the Assembly.
Thursday assembly
The spotlights are now focused on the assembly of Next Thursday, April 17, 2025when it is necessary to vote on thecapital increase at the service of the OPS. The votes will also participate in the government that has maintained a share of just under 12% in the Sienese bank, after the series of more tranche dolts in recent years, following the complete rehabilitation and return to the profitability of the mountain. The MEFpresumably, will vote for the increase, Seeing MPS’s offer on Mediobanca, also (and not only) to block the Generali-Natixis alliance, which would put the Italianness of the first Italian insurance group at risk.
Among the other relevant shareholders, the number one of AlgebrisDavide Serra, has clearly expressed itself in favor of the operation, as well as the investment house Pimcowho gave his support to the operation. Both had supported MPS, participating in the 2022 capital increase. Among the institutional, Norges Bank is also in favor of OPS.
Despite this, the Proxy Advisor ISS gave indication to the shareholders of the Sienese Institute of vote against the capital increasemotivating the choice with the consideration that “the bank is making an offer for a larger institution, without having access to the two diligence, without a final price e without the certainty of the closure of the operation “.” Even if you could get control, – he underlined – post-fusion integration it could prove to be one challengeand the different profile and the different corporate culture could significantly affect the potential of synergy. The achievement of the control would probably lead to the payment of a higher, still unknown price “.
Favorable the judgment of analysts
The rating agency Morningstar DBRSmeanwhile, He raised in the investment area Grade to “BBB (Low)” MPS’s long-term isuer rating, indicating that the upgrade considers the best generation of internal capital of MPS and its solid capital buffers. According to Morningstar DBRS, The acquisition of Mediobanca could be positive For the credit reliability of BMMPS, given the strengths of the Mediobanca franchising and its solid balance. However, the operation involves the risk of execution considering the hostile nature of the offer, which was rejected by the Board of Directors of Mediobanca.
