Alessandro Benetton: Intesa’s bid for MPS has been approved
“The takeover bid launched for MPS has the potential to create value for both the Siena-based bank and its shareholders. For this reason, we intend to participate in the offer by contributing the 1.45 per cent stake in MPS held by Edizione, which will thus become a long-term shareholder of Intesa.” This was stated by Alessandro Benetton, chairman of Edizione
Following the backing received from Delfin, the largest shareholder in MPS with a 17.5 per cent stake, the OPAS launched by Intesa Sanpaolo has also secured the support of Benetton. The Ponzano Veneto-based family intends to tender its stake in Monte dei Paschi to the offer, thereby adding a further obstacle to a possible new counter-move by Siena’s chief executive, Luigi Lovaglio. “Intesa is one of the leading private financial institutions in Italy and Europe. The OPAS launched for MPS can create value both for the Siena-based bank and for its shareholders. For this reason, it is our intention to participate in the bid by contributing the 1.45 per cent stake in MPS held by Edizione, which will thus become a long-term shareholder of Intesa,” said Alessandro Benetton, chairman of Edizione.
“I very much appreciated that Carlo Messina emphasised that the transaction proposed by Intesa will be of significant value in terms of the stability of Assicurazioni Generali’s shareholding structure and its independence,” he explained. Lovaglio, for his part, does not seem willing to give up and continues to work on an alternative to Intesa’s move, which, in one fell swoop, has revised its offer by making it conditional on the rejection of the public exchange offers for Banco Bpm and Banca Generali, secured the support of the Del Vecchio heirs’ holding company and now also that of the Benettons.
Times are uncertain. An ordinary board meeting is scheduled for 15 October, whilst rumours of an extraordinary board meeting to be held within the week have died down. A 24-hour notice period is sufficient to convene such a meeting, and Chairman Cesare Bisoni will proceed only once the situation has been clarified.
Nothing is emerging from Siena regarding Lovaglio’s intentions, as he works with his advisers, leaving room for market speculation; at present, the market is struggling to come up with a possible ‘white knight’ whilst considering an increase in the dividend promised to shareholders, currently set at 4 billion euros, whilst also making more aggressive use of its 13.3 per cent stake in Generali.
At the meeting on 29 October, the banker will propose a capital reduction, which will result in an increase in distributable reserves from 13.3 to 16.3 billion, depending on whether or not the merger with Mediobanca goes ahead.
