The board of Mediobanca on Tuesday
rejected a 13-billion-euro takeover bid launched by domestic
rival Monte dei Paschi (MPS) saying it was strongly destructive
of value, according to a note issued by the lender led by CEO
Alberto Nagel.
The statement said the offer was considered "hostile and against
Mediobanca's interests".
It noted that Mediobanca's board considered the bid to be devoid
of "industrial and financial rationale and therefore destructive
of value".
Mediobanca also highlighted in the statement the "relevant
cross-shareholdings of Delfin and Caltagirone" in the lender,
Monte dei Paschi and Italian insurer Assicurazioni Generali,
saying this could represent a "potential misalignment of
interests regarding other shareholders" as part of the takeover
bid.
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 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".
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