Shares of Banca Monte dei Paschi di Siena (BIT:BMPS) (BMPS) jumped 3.6% on Tuesday after the bank secured a 62% stake in Mediobanca, Italy’s leading investment bank, on Monday.
Shares of Mediobanca were also up 3.5% at 04:47 ET (8:47 GMT).
The deal positions BMPS to consolidate control over Mediobanca, allowing it to appoint a new board and access €2.9 billion in deferred tax assets, boosting the bank’s financial flexibility.
CEO Luigi Lovaglio has said BMPS aims to reach a two-thirds majority by the offer’s closing date on September 16.
The takeover also sets the stage for leadership changes at Mediobanca. Long-serving CEO Alberto Nagel, who has led the bank since 2008, is expected to step down, with the board’s resignation anticipated by September 18.
Source :
https://www.investing.com/news/stock-market-news/monte-dei-paschi-stock-up-on-62-mediobanca-takeover-ceo-exit-looms-4230733
