Italian bank Monte dei Paschi launches 13 billion euro takeover bid for peer Mediobanca Italian bank Monte dei Paschi di Siena announced Friday it was launching a 13.3 billion euro ($13.9 billion) takeover bid for larger peer Mediobanca in a surprise move that could reshape the country’s banking sector.
Monte Paschi, Italy's oldest bank, has a market capitalization of about 9 billion euros, while Mediobanca’s market value is about 12.7 billion euros.
Under the terms of the offer, Mediobanca investors would receive 23 shares in Monte Paschi for every 10 Mediobanca shares they hold.
The offer values shares in investment bank Mediobanca at 15.99 euros each, a 5% premium on their closing price Thursday.
The buyout offer comes after the Italian government moved to re-privatize the once-troubled bank whose largest shareholder has been the Treasury since an expensive bailout in 2017.
