Banca Monte dei Paschi di Siena has completed the acquisition of 86.3 per cent of Mediobanca. The deal was valued at about €16.5 billion and paid in a combination of MPS shares and cash.
The transaction brings together MPS, the Siena-based retail lender, and Mediobanca, an investment bank.
MERGER AN OPTION FOR THE NEXT PHASE
Having secured a controlling stake of 86.3 per cent, MPS gained control of Mediobanca, with a merger of the two banks an option for the next phase.
At 86.3 per cent, MPS is below the 95 per cent threshold that triggers squeeze-out rights under Italian law, so remaining minority shareholders stay invested unless a later merger converts their holdings into MPS shares.
The consideration comprised 2.533 newly issued MPS shares plus €0.90 in cash for each Mediobanca share tendered.