Mediobanca GM says take-up in Monte dei Paschi bid to reach 80%, lead to merger [Yahoo! Finance]
MEDIOBANCA SPA UNSP/ADR (MDIBY)
NASDAQ:AMEX Investor Relations:
mediobanca.com/en/investor-relations/index.html
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Source: Yahoo! Finance
Siena's bid for the merchant bank would reach 80%, making a merger of the two groups inevitable, as he sought to reassure staff on a conference call. Mediobanca's Francesco Saverio Vinci said MPS - smaller than its target - had paid a significant price for Mediobanca, albeit mostly in shares, meaning it valued the asset it had bought and would strive to preserve it. Addressing staff in a conference call held on Tuesday evening, Vinci said that, given the 62% ownership threshold MPS had reached so far, the take-up would rise further when the tender period reopens on September 16, with index-tracking funds being forced to cut their exposure. "With a take-up at 80% it would be hard to keep Mediobanca listed with such a reduced floating share capital, I imagine also the ECB (European Central Bank) would also push in this direction," Vinci said. "I think a merger is the lesser evil at this point. To imagine a situation in which two banks which are so different, and can achieve few
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