Following are updates:
3:15 p.m. - The Ops, like all bank combinations, must respond to a long-term industrial logic and guarantee the bank's independence and not respond to different logics. This was stated in a note by the banking union Uilca, stressing that "aggregations must always be managed through continuous and permanent labor relations in order to protect employment, which for us is and will always be a priority."
12:10 - "We are for the free market. Market initiatives if they serve to strengthen our banking system, which is already healthy, are welcome," said Deputy Prime Minister Antonio Tajani.
10.50 a.m. - The offer was not expected and opens up new scenarios in banking consolidation in Italy, Intermonte says. "We estimate that including the indicated synergies and the effect of DTAs, post-deal the impact at EPS level would be in high single digit growth," it adds.
10:40 a.m. - Unimpresa says it welcomes the deal "which not only strengthens the national banking system, but indirectly guarantees the protection of Italians' savings, a fundamental pillar for our country. A positive effect of this initiative, in fact, is the possible blocking of the agreement between Generali and the French group Natixis in asset management, thus preserving control over one of the most strategic sectors for the future of the Italian economy."
10:15 a.m. - According to Fabi secretary general Lando Maria Sileoni, "Monte dei Paschi di Siena's public exchange offer on Mediobanca represents a strategic action of great relevance, decided, by those who have a clear vision of the future of the sector, finance and the world, even outside the usual schemes and rituals. The transaction could help complete the dynamics of the Italian financial system, in a context of strong consolidation.
10.00 - Equita: In our opinion, the transaction raises several doubts. The premium recognized is modest, also considering the likely reduction of speculative appeal on Monte dei Paschi stock. We believe it is difficult to identify synergies, while the risk of potential dyssynergy emerges. In addition, we see difficulties in retaining and bringing in new professionalism within the resulting group, with the risk of a dilution of Mediobanca's distinctive specificities.
9.00 - KBW: We believe that the potential synergy is limited, even including the accelerated use of DTAs for Monte dei Paschi, and with Monte dei Paschi trading at lower P/Es than Mediobanca our first impression is that this offering has limited chances of success.
8.50 a.m. - Monte dei Paschi's offer on Mediobanca is "not agreed upon but not unexpected" by Piazzetta Cuccia, said a source close to the dossier, according to which a Mediobanca board of directors will meet in the coming days for initial assessments.
(Andrea Mandalà, editing Claudia Cristoferi)