Banca Monte dei Paschi Launches Capital Increase for Mediobanca Bid

Banca Monte dei Paschi di Siena (MPS) has greenlit a significant capital increase to facilitate a public exchange offer for Mediobanca. This move, approved by the board, signals a strategic shift in the financial landscape, raising questions about shareholder participation and market dynamics.

Capital Increase Details

The MPS board authorized a share capital increase totaling €13,194,910,000, beyond the premium, with the issuance of 2,230,000,000 ordinary shares. This decision aligns with the delegation from the extraordinary assembly held on April 17, 2025. The raised capital will support the planned public exchange offer targeting Mediobanca.

The board, chaired by Nicola Maione, met at length to handle the comprehensive agenda. The information prospectus is set to be sent to Consob for approval, which is expected within five days. Following that, the offer’s start and end dates will be determined, with the document then presented to the Mediobanca board.

The operation might commence on July 14, rather than the initially theorized date of July 7. The offer’s duration could extend through August or potentially last until mid-September. Key to the outcome is the involvement of major shareholders, including the holdings of Delfin (19.8%), the Caltagirone group (9.9%), and pension funds (5%).

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According to Statista, in 2023, the total value of mergers and acquisitions in the financial services sector worldwide was approximately $619 billion (Statista 2023).

Potential Players and Strategies

Rumors suggest that Mediolanum, owned by the Doris family, along with the Berlusconi family, might withdraw from the game through the sale of its Mediobanca shares. The absence of support from the Doris holding and Finprog, both part of the consultation pact, could affect A.D. Alberto Nagel. The banker is prepared to unveil the growth objectives for 2028 on Friday morning, accelerating the original plan by two years to synchronize with the MPS plan and offer a comparative analysis.

The market is closely watching the actions of key shareholders and the potential strategies employed by both MPS and Mediobanca. The outcomes of this capital increase and exchange offer are poised to shape the future of these financial institutions and could influence further developments within the sector.