The Opas di Monte dei Paschi exceeds 62%, ensuring the absolute majority and the control of law on Siena on Mediobanca
Monte dei Paschi di Siena closed the public exchange and purchase offer on Mediobanca reaching 62.29% of the capital. A result that not only exceeds the strategic threshold of 50% for the assembly control, but establishes the taking possession of a square from the Cuccia by the Sienese bank.
Over 134 million shares were conferred on the last day of membership, equal to about 16.5% of the capital. But the data is not definitive: between 16 and 22 September the period of reopening of the terms will open, intended to bring further adhesions and strengthen MPS’s position again.
Behind the operation, with a total value close to 17 billion, alliances and tensions are intertwined which have characterized the Italian bank Risiko in recent years. MPS’s move had the implicit support of weight shareholders, such as the Caltagirone group and the old family, already present in the shareholder of both banks. The goal, in addition to the control of Mediobanca, is to influence the management of Generali and on Asset Management, a key sector for future profitability.
The operation was also made possible by the green light of the Italian government, which has chosen not to exercise special powers, thus facilitating the acquisition. On the other hand, the Board of Directors of Mediobanca has always maintained a critical position, defining the offer “without industrial rational” and remembering how MPS has not been able to close the acquisition of Banca Generali in the past.
Now attention shifts to governance. The CEO Alberto Nagel, in office since 2008, is ready to leave, and the entire Board of Directors could resign with him. A change of summit that, if confirmed, will mark the end of an era and open a new phase for Mediobanca, under the direction of Siena.
This operation is not just a financial match: it is a passage that redesigns banking in Italy, consolidating MPS as a central actor and opening the way to new moves in the national credit chessboard.
