(Alliance News) - The boards of directors of Banca Monte dei Paschi di Siena and Mediobanca have approved the merger by incorporation of Piazzetta Cuccia into Rocca Salimbeni, a move that marks Mediobanca's exit from the stock exchange after seventy years.
The exchange ratio, as reported by Il Sole 24 Ore on Wednesday, is set at 2.45 MPS shares for every Mediobanca share, including a 3% premium over market values. This creates Italy's third-largest banking group, which will retain the Mediobanca brand for CIB and Private Banking activities, as well as the strategic stake in Generali.
The ratio "takes into account the dividend distributions for the 2025 financial year," amounting to EUR0.86 for MPS and EUR0.63 for Mediobanca, and therefore incorporates a 3% premium compared to recent stock market values, net of coupon payments.
The 2026-2030 industrial plan, already endorsed by the ECB, aims for synergies of EUR700 million and the integration of the Widiba and Mediobanca Premier networks. The transaction is expected to close by the end of the year, leaving Delfin with 16.1% and Caltagirone with 9.4% of the new entity.
The race for the renewal of Siena's top management on April 15 remains open: the future CEO will have to implement the plan alongside Alessandro Melzi d'Eril, while the outgoing Lovaglio is not on the board's list but could seek reappointment with an alternative list.
By Michele Cirulli, Alliance News reporter
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