Banca Monte dei Paschi di Siena has announced a €13.3bn all-share bid to acquire rival Mediobanca SpA, aiming to accelerate consolidation in Italy’s banking sector.
The proposed deal offers Mediobanca shareholders 23 Monte Paschi shares for every 10 Mediobanca shares, valuing the bank at €15.992 per share - a 5% premium on its last closing price.
If successful, the merger would create one of Italy’s top three banks by total assets, delivering €300m in annual cost savings, according to Monte Paschi. However, analysts have expressed scepticism over potential synergies and the bid’s likelihood of success.
The takeover highlights the complex web of cross-holdings in Italy’s financial sector, involving influential families and government stakes.