Giorgetti: 'No interference or pressure on Mps-Mediobanca'

Mps's decision of the Opas on Mediobanca 'was taken by the managers of the Sienese bank autonomously and we, as shareholders, have taken note'. This was stated by Economy Minister Giancarlo Giorgetti in his briefing to the Chamber of Deputies on the Mps Mediobanca affair, according to which the ministry 'did not exert any interference or pressure' in the 'various interlocutions' with 'different exponents of the credit system'.

The Ministry of the Economy, a shareholder of Mps with a residual 4.8% stake worth over 1 billion, does not intend to present a list for the renewal of the bank's board of directors next spring. Giorgetti made this clear when speaking about the bank's sale procedure with the three placements (Abb) made on the market. 'As far as the future of the Mef's remaining share is concerned,' Giorgetti stated, 'every determination will have to be adopted not in a logic of mere cash but from a strategic viewpoint, given the relevance of savings for the protection of national economic security. It is understood that the MEF, in keeping with the commitments undertaken at European level, will in any case not present any list when the board of directors is renewed'.

"The acquisition of orders from investors" in the last sale of Mef's shares in Mps, which took place in November 2024 "was handled directly by Banca Akros and the Mef did not know before the presentation of the 'book' (i.e. the final document on the offers) either the number of investors identified by Banca Akros or the method of selection," said the economy minister, according to which the choice of appointing Banca Akros (Banco Bpm group) "was due to the fact that the offer guaranteed the best conditions for the divestment of the shares, allowing a greater income for the state coffers". According to Giorgetti, 'at the end of the bookbuilding, Banca Akros illustrated to the MEF the composition of the book and the characteristics of the orders collected. Faced with orders collected for more than two times the book and a premium of more than 5% compared to the closing price of the Mps share, the MEF, at the bookrunner's proposal, decided to exercise - similar to what was done in previous Abbs - the right to increase the offer (taking it from 7% to 15% of Mps' share capital) and, accepting Banca Akros' proposal, to assign the shares subject to the offer to institutional investors who had sent orders with the highest purchase price during the bookbuilding process'.