Monte Dei Paschi makes an offer of 13 billion euros for MediBanca

Italy is saved MONTE DEI PASCHI DI SIENA Friday, launched a buyout offer of 13.3 billion euros ($ 13.95 billion) for a larger national peer Mediobanca.

The actions of Monte Dei Paschi (MPS) fell by 5.74% at 9:43 a.m. London time, with Mediobanca up 6.28%.

Offering 23 of its actions for 10 of its acquisition objective, Monte Dei Paschi values ​​the actions of Miodobanca at around € 15.992 each, a bonus of 5% at the close price of January 23.

The equity of Monte Dei Paschi was worth 8.7 billion euros at the closure of January 23, while the market capitalization of Mediobanca was 12.3 billion euros, according to FactstSet Data.

CNBC contacted Mediobanca to comment.

Monte Dei Paschi, the oldest bank in the world, required state rescue in 2017 after years of paralyzing losses, but transformed the tide of his fortune under the direction of the Unicredit Luigi Lovaglio veteran. The Italian government retains a participation of 11.73% in the lender.

“The transaction could contribute to completing the dynamics of the Italian financial system, in the context of a strong consolidation,” said Fabi, an Italian banking union after the offer, according to a translation of CNBC. “The deputies, historically at the center of complex events, are now moving in an ambitious direction. The offer confirms, among other things, that the deputies have completely recovered.”

The Friday offer is added to a photo of the heating of mergers and actions of mergers and acquired Banco BPMwho in turn seeks to acquire the animal fund manager. Monte Dei Paschi was itself an objective of potential takeover for Unicredit until the talks recently collapsed in 2021.

– Silvia Amaro and Ganesh Rao of CNBC contributed to this report.

This story of rupture is updated.