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The Italian -saved Monte Dei Dei Paschi di Siena has launched an offer to take over all stocks of 13.3 billion euros ($ 13.95 billion) for a larger domestic company. Medioban.
By offering 23 its shares for 10 of its acquisition goals, Monte dei Paschi estimates the Mediobance section of approximately 15,992 euros per each, which is 5% of the premium compared to the price at the closing of January 23.
The owner’s capital Monte dei Paschi was worth 8.7 billion euros ending on January 2nd, while market capitalization of Mediobance was EUR 12.3 billion, according to Factset data.
Monte dei Paschi, the oldest bank in the world, demanded state aid in 2017 after years of great losses, but reversed her wealth under the leadership Unicredit veteran Luigi Lovaglio.
The offer contributes to the image of a growing appetite for merging and picking up in the Italian sector of banking and financial services, where the second largest bank in Unicredit has previously offered redemption Banco BPMwho, in turn, seeks to take over the manager of Ana Holding.
– Ganesh Rao from CNBC contributed to this report.
This latest news is updated.
