Berliner Boersenzeitung - Italy bank merger wave heats up as Mediobanca eyes Banca Generali

EUR -
AED 4.146941
AFN 80.733251
ALL 98.29553
AMD 440.545773
ANG 2.034854
AOA 1034.199225
ARS 1323.622264
AUD 1.770817
AWG 2.035091
AZN 1.922268
BAM 1.949365
BBD 2.286572
BDT 137.595801
BGN 1.949126
BHD 0.425629
BIF 3314.855813
BMD 1.129038
BND 1.479603
BOB 7.825169
BRL 6.406382
BSD 1.132472
BTN 95.705081
BWP 15.502689
BYN 3.706099
BYR 22129.146438
BZD 2.274811
CAD 1.564113
CDF 3243.726921
CHF 0.93755
CLF 0.027878
CLP 1069.808955
CNY 8.209631
CNH 8.217368
COP 4778.11175
CRC 572.006759
CUC 1.129038
CUP 29.919509
CVE 109.902217
CZK 24.964214
DJF 200.652615
DKK 7.46385
DOP 66.649402
DZD 149.764307
EGP 57.576407
ERN 16.935571
ETB 151.976258
FJD 2.551005
FKP 0.846398
GBP 0.850058
GEL 3.099246
GGP 0.846398
GHS 16.13773
GIP 0.846398
GMD 80.726902
GNF 9808.535482
GTQ 8.721212
GYD 237.64554
HKD 8.757892
HNL 29.387862
HRK 7.533955
HTG 147.94378
HUF 404.48937
IDR 18756.709682
ILS 4.081958
IMP 0.846398
INR 95.635227
IQD 1483.260765
IRR 47546.616739
ISK 145.713585
JEP 0.846398
JMD 179.277417
JOD 0.800711
JPY 164.180217
KES 146.59473
KGS 98.734305
KHR 4532.796508
KMF 490.590728
KPW 1016.147125
KRW 1621.377399
KWD 0.346048
KYD 0.94363
KZT 581.056742
LAK 24484.394704
LBP 101469.451504
LKR 339.003962
LRD 226.492356
LSL 21.087079
LTL 3.333756
LVL 0.682944
LYD 6.181649
MAD 10.498221
MDL 19.439005
MGA 5028.401417
MKD 61.332543
MMK 2370.458574
MNT 4035.625166
MOP 9.046755
MRU 44.901646
MUR 50.897082
MVR 17.398102
MWK 1963.717834
MXN 22.141337
MYR 4.871234
MZN 72.258731
NAD 21.08345
NGN 1813.957849
NIO 41.672073
NOK 11.796562
NPR 153.128528
NZD 1.910386
OMR 0.434669
PAB 1.132462
PEN 4.152194
PGK 4.623696
PHP 63.087825
PKR 318.193454
PLN 4.284475
PYG 9070.14011
QAR 4.127575
RON 4.977704
RSD 116.795325
RUB 92.660101
RWF 1626.822709
SAR 4.234335
SBD 9.440223
SCR 16.123036
SDG 677.985128
SEK 11.006432
SGD 1.482562
SHP 0.887247
SLE 25.730866
SLL 23675.34576
SOS 647.160878
SRD 41.601637
STD 23368.808811
SVC 9.907672
SYP 14680.182784
SZL 21.068454
THB 37.924291
TJS 11.936099
TMT 3.951633
TND 3.363398
TOP 2.644321
TRY 43.47756
TTD 7.669427
TWD 36.268067
TZS 3030.430822
UAH 46.979188
UGX 4148.306581
USD 1.129038
UYU 47.6527
UZS 14644.260239
VES 97.930471
VND 29360.635363
VUV 136.144581
WST 3.131115
XAF 653.795946
XAG 0.034825
XAU 0.000349
XCD 3.051281
XDR 0.813109
XOF 653.804604
XPF 119.331742
YER 276.557847
ZAR 20.978768
ZMK 10162.69982
ZMW 31.511261
ZWL 363.549802
  • RIO

    -0.8500

    58.55

    -1.45%

  • CMSC

    0.0200

    22.03

    +0.09%

  • SCS

    -0.0500

    9.87

    -0.51%

  • CMSD

    -0.0400

    22.26

    -0.18%

  • BTI

    -0.2500

    43.3

    -0.58%

  • BCC

    -0.5700

    92.71

    -0.61%

  • BCE

    -0.8100

    21.44

    -3.78%

  • RBGPF

    0.0000

    63

    0%

  • AZN

    -1.2800

    70.51

    -1.82%

  • BP

    0.4200

    27.88

    +1.51%

  • RYCEF

    0.2200

    10.22

    +2.15%

  • JRI

    0.1000

    13.01

    +0.77%

  • RELX

    -0.5500

    54.08

    -1.02%

  • NGG

    -1.3500

    71.65

    -1.88%

  • VOD

    -0.0300

    9.73

    -0.31%

  • GSK

    -1.1000

    38.75

    -2.84%

Italy bank merger wave heats up as Mediobanca eyes Banca Generali
Italy bank merger wave heats up as Mediobanca eyes Banca Generali / Photo: Filippo MONTEFORTE - AFP

Italy bank merger wave heats up as Mediobanca eyes Banca Generali

Italian bank Mediobanca, itself battling to fend off a hostile takeover by a rival, announced on Monday a 6.3-billion-euro ($7.2 billion) bid to buy wealth management firm Banca Generali.

Text size:

Mediobanca is planning to use its 13.1 percent stake in Italy's largest insurance company, Generali, to pay for the acquisition of the group subsidiary Banca Generali, the statement said.

"The combination between the two companies will produce a European market leader," Mediobanca said.

Mediobanca is itself trying to fend off a hostile takeover by state-backed Banca Monte Paschi di Siena (MPS) as the Italian banking industry sees a wave of hostile bids.

Mediobanca's offer stipulates that if it does not manage to acquire a minimum of 50 percent plus one of the total number of Banca Generali shares, then it would abandon its takeover bid.

It said the takeover would result in its wealth management revenues doubling to two billion euros and such profits increasing fourfold to 800 million euros.

In a statement, it said the acquisition would "transform the relationship between Mediobanca and AG from a financial to a strong industrial partnership".

In January, Mediobanca rejected a 13.3-billion-euro bid from MPS, which had been backed by Prime Minister Giorgia Meloni's government.

The Mediobanca board branded the offer "devoid of industrial and financial rationale" and thus "destructive" for the bank.

MPS, the world's oldest bank, had wanted to create a banking group to rival the two biggest in the country, Intesa Sanpaolo and Unicredit.

MPS was bailed out by the Italian government in 2017, when it was on the verge of bankruptcy, and Rome became its main shareholder.

Banca Generali's shares were up 7.5 percent in morning trading while MPS gained 3.1 percent, Mediobanca rose 0.6 percent and Generali dropped almost two percent.

(T.Renner--BBZ)