Last day to join the offer presented by Monte dei Paschi di Siena on Mediobanca, which will close today at 5.30 pm, with the end of the stock exchange counterattacks. An offer that saw a crescendo of adhesions in the last part of the month of August, both for the adhesion of some relevant shareholders, and for the revision of the consideration, which now also includes a cash component and has in fact transformed the OPS (public exchange offer) into an opas. The goal of Siena, not too far away, is to exceed the 50% threshold and in fact check the board of Piazzetta Cuccia.
The adhesions already close to 46%
Since the last update of Borsa Italiana on the adhesions to Opas, published on Friday 5 September 2025, it shows that 43,747,119 requests for membership were presented on the day. Therefore, since the beginning of the offer, the requests for membership have reached 372,518,362, equal to 45.8045% of the shares covered by the offer (or 44.9110% on any maximum 829,458, shares subject to offer issued in favor of the beneficiaries of the incentive plans). The offer will end at 17.30 today, September 8, but reopening from 16 to 22 September is scheduled.
Minimum threshold already exceeded, aims at control
The operation, which has already exceeded the minimum threshold necessary for the validity of the Opas, equal to 35% of the adhesions, now aims at a more ambitious goal, exceeding the 50% threshold which guarantees Monte Paschi the control of the board of the institute led by Aberto Nagel. Siena also announced that she had renounced the 66.7% threshold of capital, which would have guaranteed the possibility of convening an extraordinary assembly for any merger.
The relaunch of the consideration, which enhances the Mediobanca shares for 20.776 euros, equal to the sum of the consideration in MPS shares of 19,876 euros and the cash fee of 0.9 euros, was decided by the bank just to give a final push to the memberships, which in fact ENTOR a few days pushed near the target threshold.
Yet another rejection of the Board of Mediobanca
Despite the relaunch, the Board of Mediobanca has again rejected the offer, indicating that “it is without industrial rational as well as without convenience for the shareholders of Mediobanca”. “The new consideration – it is stated – is not in itself sufficient, also in light of the risks of dissinergia and value destruction that characterize the offer, to change the previous assessment of non -congruity and inadequacy of the consideration”.
In the event of hiring the control of the board, the CEO of Mediobanca Alberto Nagel and President Renato Pagliaro would be ready to resign and the Toto appointments would have already taken. Among the papabili at the after-Naples they would appear Fabrizio Palermo, CEO of Acea and councilor of Generali on the Caltagirone list, Marco Morelli, already driving MPS and today president of Bnp Paribas Asset Management.
Cautious titles on the stock exchange
Meanwhile, the titles of the two banks proceed in cautious rise to Piazza Affari: the MPS shares show a timid progress of 0.27% to 7.353 euros, while Mediobanca shares rise by 0.28% to 19.44 euros. A trend that undergoes the brightest trend in the banking sector.
