Mediobanca, Mps' offer exceeds minimum threshold: take-up at 38.5%

Mps hits the first target on its way to creating a new Italian banking pole. In the aftermath of thecash relaunch, the Sienese institution's takeover of Mediobanca reached and surpassed the 35% mark, rising to 38.5%. The Opas of Rocca Salimbeni thus exceeded the minimum threshold of 35%, to which the success of the entire operation was subordinated.

According to the latest updates from Borsa Italiana, the shares contributed to the offer have grown from 30.125% on the eve of the offer to the current 38.5%. Therefore, the packages of the various Mediobanca shareholders who yesterday announced their support for the Opas, from the Enpam doctors' social security fund (which has 2%) to Benetton's Edizione holding company (another 2%), up to the Tortora family with its 1.1%, have been added to the tally in these hours. Shares that are added to those already deposited by Delfin and Caltagirone. This while at Piazza Affari there are now just a few sessions left until the end of the offer, which will end on 8 September, with subsequent reopening between 16 and 22 September.

Yesterday, Montepaschi had revised upwards the public exchange offer on Mediobanca, inserting a cash component as part of the operation: 0.9 euro per share, which corresponds to a total outlay of around 750 million. Also yesterday, Mps announced that it was waiving the condition of the 66.67% threshold to which the effectiveness of the offer for Mediobanca was subordinated, while the 35% threshold remains unchanged. The offer will close on 8 September, but a five-day reopening period has already been scheduled, between 16 and 22 September.