Moody's has confirmed Mediobanca's
ratings but changed the outlook from stable to negative due to
"the downward pressure on Mediobanca's creditworthiness that
could derive from the combination with a weaker group such as
MPS", amid the Tuscan lender's takeover bid.
Mediobanca has rejected the 13-billion-euro takeover bid
launched by domestic rival Monte dei Paschi (MPS) saying it was
strongly destructive of value.
In a surprise move, the bailed-out Monte dei Paschi di Siena,
the world's oldest bank, launched last Friday a 13.3 billion
euro all-share buyout bid for premier merchant bank Mediobanca,
offering 23 of its own shares for every 10 Mediobanca shares - a
5% premium on the previous night's closing price.
In a note issued announcing the bid, MPS said the union with
Mediobanca would create "a new national champion in the Italian
banking sector, which ranks third in key segments with a strong
combination of products and services, characterized by a highly
diversified and resilient business mix, with relevant industrial
synergies".
ALL RIGHTS RESERVED © Copyright ANSA
