Mediobanca and MPS are saved in a troublesome session and align themselves with the trade | EUROtoday

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(Il Sole 24 Ore Radiocor) – Mediobanca and Monte dei Paschi di Siena have been saved in a troublesome session (-1% for the Ftse Mib), following the inexperienced gentle given by their respective boards of administrators to the merger mission of the 2 establishments. The Piazzetta Cuccia inventory closed the session up by 2.13% at 16.50 euros whereas Mps rose by 1.22% to 7.48 euros.

In view of the merger, the boards of administrators have selected an trade of two.45 MPS shares for every Mediobanca share, with issuing as much as roughly 272 million shares. The ratio, underlines a joint notice, “takes into account the distribution of dividends relating to the 2025 financial year”, equal to 0.86 euros for Mps and 0.63 euros for Mediobanca.

Taking under consideration the coupons, the implicit premium is slightly below 2% for Piazzetta Cuccia shares. At the identical time, the trade – it needs to be remembered – is at a reduction in comparison with the phrases of Mps’ public takeover provide on Mediobanca final September, when the trade was 2.533 Mps shares plus 0.90 euros in money for every share of the funding financial institution. The introduced trade ratio «is barely larger to that assumed in our estimates (2.386 ex-dividend)”, comment the Intermonte analysts, who also place emphasis on the thorny issue of governance, still pending.

On 15 April, experts recall, the new board of directors will be elected and the current CEO of MPS, Luigi Lovaglio, is not included in the list presented by the outgoing board of directors. Press rumors speculate that Lovaglio can coagulate the consensus of a minority list with private funds and investors (whose numbers however remain to be verified) who could challenge the board of directors’ list.

The completion of the merger operation, as communicated collectively by the 2 banks, is anticipated by the tip of 2026 and stays topic to the approval of the respective extraordinary shareholders’ conferences and the acquiring of regulatory authorizations. When speaking the transaction to the market, the institutes confirmed the strategic traces and the income aims of the merger. Upon completion of the operation, MPS’ shareholding will see Delfin at 16.1%, the Caltagirone group at 9.4%, Blackrock at 4.6%, the Ministry of Economy at 4.5% and Banco Bpm at 3.4%.