Italy prioritises MPS-BPM merger to reduce stake in MPS – report [Yahoo! Finance]
MEDIOBANCA SPA UNSP/ADR (MDIBY)
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Source: Yahoo! Finance
The government will retain its remaining 4.9% stake in MPS, as the bank proceeds with the integration of its recently acquired competitor, Mediobanca. Italy originally acquired a 68% stake in MPS following a 2017 bailout and has since reduced its share through a series of placements. The recent acquisition of Mediobanca by MPS, which was partly paid for with newly issued shares, dilutes the stakes held by existing MPS investors. Italy's current shareholding in MPS already satisfies the re-privatisation commitments agreed with the European Commission as part of the bailout process. However, the government continues to pursue a long-standing plan to merge MPS with Banco BPM, despite previous setbacks, said the report. In November last year, UniCredit's bid for BPM disrupted the proposed MPS-BPM consolidation, which was shelved since then. Banco BPM CEO Giuseppe Castagna stated that BPM is considering two merger options, MPS and France-based Credit Agricole. Currently, BPM
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