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The mountain of Senia Senea Central Bank has approved the hypothetical rival of Middlebier rivals.
The Italian lender said in a statement Wednesday that the central bank had traded without a specific threshold.
Some analysts and industry insiders were hoping that regulators would set a hurdle for shareholders to acquire that the deal had to clarify the agreement to proceed because of the cross-stakes between investors in both Monte dei Pasci and Mediobanca.
Terms set by the ECB include the provision of a consolidation plan within six months of the transaction being made. If the take-up is above 50%, it includes details about the funding strategy and IT and cybersecurity risks.
Monte dei Pasci has launched a 13.3 billion euro acquisition of a massive rival that has shook Italian banks since its bailout in 2017.
Milanese lender Mediobanca rejected this approach “against its interests” and as a destructive value.
They wanted to dodge the acquisition by launching an offer to buy Banca Generali, the insurance company’s asset management unit.
However, as the shareholders’ meeting to approve the transaction earlier this month was postponed after the summer, Mediobanca’s management has shown that the majority of investors are certainly lacking support for it.
Mediobanca’s market capitalization has risen to around 16.8 billion euros over the past six months.
Lawmakers who recently completed a conversion under CEO Luigi Robaglio are set to approve capital increases this week to fund the acquisition of Mediobanca.
Lovaglio has repeatedly stated that MPS targets ingestion by 67% of shareholders, but he has not ruled out going at a lower threshold.
The synergistic effect of contract costs and certain tax benefits do not arise if the acceptance tax is less than 50% and the two entities do not merge.
MPS should report to Mediobanca’s ECB “De facto Management” if the offer is ultimately not supported by investors representing at least half of its equity capital.
The acquisition is supported by top MPS shareholders, including the families of billionaires Cartagiron and Del Vecchio, as well as the Italian government.
Delfin, the Delvecchio family’s holding, is Mediobanca’s largest single shareholder, followed by Cartagguilon. Together, they hold 27% of their share capital.
