Gianluca Semeraro
Milan (Reuters) -In Italy Bank Medio Banka refused to offer a rival Monte Day Paci De Siena on Tuesday, and has no strategic and financial basis Was harmful.
MONTE DEI PASCHI (MPS) BID is a series of Italy that reconstructs the national financial environment because the lender is decorated for the harsh time after high interest rates have increased record profits. It is the latest in the bank struggle.
On Friday, parliamentarians have announced a 13.3 billion euros ($ 13.9 billion) of Mediobanca. MEDIOBANCA is an amazing investor and has voted for changing the rescue Tuscan Bank from the acquisition target to the buyer with the names of Italian finance.
MPS shares decreased by 2.2 % by 1418 GMT, decreasing 2 % on Monday and 7 % on Friday. Based on the proposed replacement rate, it indicates a value of 14.31 euros for each MedioBanca market.
Under the CEO Alberto Nagel, Mediobanca is betting on asset management that complements investment banks while retaining consumer finances and recently the role of Italian capitalist Kingpin.
MedioBanca stated in a statement that this offer would weaken its business model by separating clients and bankers from the investment bank and asset management business.
MPS, a retail bank rescued by the state in 2017, is a partner of Mediobanka and consumer finance, and has earned more than one -third of his income from the general insurance company.
MedioBanca complained about the net possession network surrounding bids.
In November, when the shares were reduced to 11.7 %, Italy was installed on the ship as the construction of the MPS shareholder construction major Francescoga Tanocartagiron and Delphin.
Cartagiron and Delphin are together to own 27 % of Mediobanca, 15 % of MP, and 17 % of Generali. MedioBanca stated that Delfin's representative of the Board of Directors abstained on Tuesday.
The Board of Directors stated that a few months later, the bidding prospectus will only give shareholders a formal advice.
The refusal was expected after CEO's Nagel was a letter to an employee on the weekend, not before, and that banks would decide how to maximize the interests of stakeholders. 。
After receiving more than 10.5 billion euros of more than 10.5 billion euros between 2017 and 2022, parliamentarians returned to profits and dividends.
