MPS: documents relating to the bids for Banca Generali and BancoBpm have been filed with Consob

The countdown has begun for the regulatory authorities to give the green light to the bids for Banca Generali and BancoBpm. MPS has filed with Consob the documents relating to the voluntary public exchange offer for BancoBpm and those relating to the public exchange offer for Banca Generali. The bank announced this in a statement released overnight. This submission triggers the deadlines for the authorisation process: in the coming weeks, the alternative proposed by the Siena-based group to the banking consolidation process relaunched by Intesa Sanpaolo with its bid for Siena will thus come before the market.

In the press release issued by the Siena-based bank, it is stated that, for each BPM share tendered in the offer, MPS will issue 1.567 newly issued ordinary shares, whilst, with regard to the public offer for Banca Generali, it will issue 6.958 ordinary shares for each share tendered. Finally, MPS announces that it has submitted the necessary notifications to the relevant authorities to obtain authorisation for each of the offers.

Specifically, ‘for each share subject to the BG Offer that is tendered in acceptance of the BG Offer, the Offeror shall pay a consideration per share equal to 6.958 newly issued ordinary shares of the Offeror, without a stated nominal value, carrying full dividend rights and having the same characteristics as the Offeror’s ordinary shares already in circulation on the date of issue, which will be listed on Euronext Milan. The Offer will be promoted in Italia and will be made, on equal terms, to all holders of BG shares. The Offer is not being promoted or circulated in the United States, Canada, Japan or Australia, nor in any other country where such an Offer is not authorised, nor to any person to whom it is not permitted by law to make such an offer or solicitation’ whilst ‘for each share subject to the BPM Offer tendered in acceptance of the BPM Offer, the Offeror will pay a consideration per share equal to 1.567 newly issued ordinary shares of the Offeror’