Mediobanca responds to the Risiko and launches the OPS on Banca Generali: the counter -move to the MPS offer on Piazzetta Cuccia

Mediobanca responds to bank risiko which sees her at the center of the dances and defends the defenses against thePublic offer of the exchange of Monte dei Paschi. The bank led by Alberto Nagel has announced one Public exchange offer « On the totality of Banca Generali actions »i.e. a 13.1%package. Mediobanca had already studied the purchase of Banca Generali in 2020 but had been rejected by the relevant shareholders of the bank. At the time it was an operation of M&A which also provided that Piazzetta Cuccia passed through a capital increase, which is less welcome by shareholders. This time CEO Alberto Nagel thought a public operation with Valoro Ugali for everyone.

Aligned values

The offer, « for a value of 6.3 billion euros », intends to impress – reads the communication of the Institute – a « strong acceleration » to the transformation plan of Mediobanca «In a leader in the WEalth Management», Which would become » prevalent business, as well as a priority « . The synthesis is that Piazzetta Cuccia will offer for each action it has 1.7 Actions of Banca Generali in the portfolio of generals, with an implicit award of 11% based on the values ​​of April 25. It is only these weeks that the operation has become viable because the valorons of the two companies, that is, of Banca Generali and Generali, have aligned themselves.

« The common DNA of excellence and the strong managerial complementarity and skills between Mediobanca and Banca Generali – reads the note again – further strengthen the industrial rational of the operation, making the achievement of the visible synergies and low risk of execution ».

The response to the assault of MPS

The decision is A response to the public purchase offer launched in recent days of Monte dei Paschi on the same Mediobanca itself: On April 17, the Shareholders’ Meeting Monte dei Paschi di Siena (MPS) in fact gave the green light to the operation. The assembly gave green light with the favorable vote of 86.48% of those present (equal to 63.64% of the share capital). The OPS of Monte dei Paschi provides that For every 10 actions Mediobanca brought into membership, 23 new issues of Banca Mps are paid.

Less dependence on generals

The operation allows you to transform « the Mediobanca Group into a leader in the Wealth Management with active operating for 210 billion, from 104 billion in Mediobanca, revenues for 2 billion and growth capacity for over 15 million per year. In practice, if the operation is successful, the profit of the bank led by Nagel will come 50% from the Wealth Management. Today, however, 30% of the profits come from a participation, i.e. from 13.1% owned in Generali. Which had raised numerous criticisms towards Mediobanca by the relevant members of the Institute: Delfin in the first place who owns 19.8% of Mediobanca and Caltagirone (7%). In 2019 Mediobanca had attempted to buy Banca Generali, even if nothing was done.

Passes the theme of Passivity Rule

Mediobanca is in Passivity Rule Ever since the mountain launched its ops. That is to say that Piazzetta Cuccia cannot change its patrimonial perimeter. However, she is allowed to launch an OPS on the general fee because the values ​​are similar and therefore does not change the assets.
As for MPS, the CEO LOVAGLIO has always said that the share in Generali was « Nice to have», But it was not essential for his plan to create a new reality that saw Siena and Milan aggregated.
The aggregation – explains Piazzetta Cuccia – allows « the evolution of the relationship between Mediobanca and Generali which is transformed into a strong industrial partnership as a financial.

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