The Opas promoted by Banca Monte Paschi di Siena on Mediobanca, one of the most fought of the latter period, strongly contrasted by the Management of Piazzetta Cuccia, which has now laid the weapons and raised white flag, closes with a partial success. And this also confirms the trend of adhesions on the stock exchange, which ends beyond the 86%threshold, sufficient to guarantee the merger between the two institutes, but not enough to promote the residual opa.
The closure of memberships on the stock exchange
On the closing day of the reopening period of the public purchase and exchange offer (Opas), promoted by Banca Monte dei Paschi di Siena on the ordinary actions of Mediobanca, 128,874,081 requests for membership were presented. A surge in the trend of adhesions on previous days.
The percentage of the actions made during the reopening of the terms, which took place from 16 to 22 September, and of the actions made during the “regular” offer period therefore reached the 86.3%threshold. At the closure of the Opas on 8 September last, the application requests were 62.3% of the shares covered by the offer.
Sales of actions of the top management
To give an impulse to the memberships was the official surrender of the top of the Piazzetta Cuccia. For a few days there had been sales of actions by the mediement of Mediobanca, formalized by internal dealing communications, including the CEO Alberto Nagel, who accepted the offer, giving 364,000 actions. The general manager Francesco Saverio Vinci sold 263,000 shares, while President Renato Pagliaro sold 1 million of his actions. The operations took place during the session of 19 September. Separately, President Pagliaro sold another 100 thousand shares on the market, for a collection of about 2.1 million euros.
Nagel’s surrender and the next steps
The surrender of the CEO Alberto Nagel was announced last week, when he gave his resignation and greeted the employees, and was followed by the other directors who, with a note, informed the market to have
“Taking note of the outcome of the public purchase and exchange offer promoted by MPS and to encourage an ordered and timely transition through the renewal of the administrative body, they resigned, with the exception of the councilor Sandro Panizza, the resignation from the office, effectively from the date of the next meeting”.
The board of Piazzetta Cuccia convened the ordinary shareholders’ meeting for October 28, 2025, to deliberate regarding the financial statements to 30 June 2025 and for the appointment of the new Board of Directors for the 2026-2028 exercises. Board of Directors that will be an expression of the new property and which will run the most demanding phase, that of the integration between the two institutes.
