Overview
- Mps’s board unanimously approved the incorporation of Mediobanca, and Mediobanca’s board began the legal and administrative work required for the delisting.
- Corporate and investment banking and high-end private banking will sit inside a 100% Mps-owned, non-listed entity that retains the Mediobanca name.
- Mediobanca’s 13.2% stake in Assicurazioni Generali will remain within the new, non-listed Mediobanca perimeter under Mps control.
- The transaction will be executed via a share-for-share exchange with no takeover offer, no cash component, and no withdrawal rights, with assemblies expected after boards set the exchange ratio.
- Advisors include Jefferies, JP Morgan and UBS for Mps and Rothschild and Morgan Stanley for Mediobanca, as the groups target previously flagged synergies of about €700 million.