Reuters saga.
Monte Dei Paschi (MPS), which was the problem child of Italian banking for years until its 2017 bailout, is offering 23 of its own shares for every 10 mediobanka shares, equivalent to a 5% premium to Thursday’s closing price.
The buyout offer comes after Italy’s push to woo the Tuscan bank again brought in Delfin, the holding company of the late billionaire Leonardo del Vecchio and fellow tycoon Francesco Gaetano Caltagirone, as shareholders in November.
Delfin is the largest shareholder in Mediobanca with a 19.8% stake, while Caltagirone owns 7.8%.
($ 1 = 0.9568 euros)
