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Mediobanca rejects MPS takeover bid

Offer destructive, devoid of industrial rationale says lender

Mediobanca rejects MPS takeover bid

Redazione Ansa

(ANSA) - ROME, JAN 28 - 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". (ANSA).
   

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