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Mediobanca has launched a €6.3bn takeover offer for Italian rival Banca Generali, as efforts to consolidate the nation’s banking trade intensify.
Milan-based Mediobanca stated on Monday {that a} mixture of the 2 lenders would create a “European market chief”.
The transfer comes as Mediobanca seeks to fend off a hostile bid from smaller rival Monte dei Paschi di Siena.
Mediobanca is the most important shareholder in Assicurazioni Generali, Banca Generali’s dad or mum firm. To fund its proposed takeover of Banca Generali, Mediobanca stated it could promote its stake in Assicurazioni Generali.
A takeover would develop Mediobanca’s wealth administration enterprise and probably counter criticism from shareholders that it had change into too reliant on its stake in Generali for earnings.
Setting out the explanations for the deal on Monday, Mediobanca stated combining the lenders would generate about €300mn in synergies.
Chief govt Alberto Nagel stated the transaction would create “a strong, worthwhile group which excels in creating worth for all its stakeholders”.
Mediobanca’s offer represents an 11.4 per cent premium to Friday’s closing share value for Banca Generali.
The nation’s banking trade is within the throes of consolidation as lenders search higher scale to compete in Italy and throughout Europe.
Mediobanca shareholders will vote on the deal at a gathering on June 16.
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