MILAN, Nov 11 (Reuters) – Intesa Sanpaolo’s (ISP.MI), prospective buyout offer for Mediobanca (MDBI.MI), will retain the terms of the failed bid Monte dei Paschi di Siena (BMPS.MI), made for the merchant bank earlier this year, according to a document published late on Tuesday.
Monte dei Paschi (MPS), last year had bought 86% of Mediobanca and had been working to buy the rest of the Milanese bank this year, but the plan was derailed by Intesa Sanpaolo’s €34.5 billion ($38.52 billion) takeover offer for MPS.
Intesa, Italy’s biggest bank, said in its MPS bid document that an offer for 14% Mediobanca shares it would not acquire via MPS was conditional on the MPS takeover going through.
Acquiring 100% of Mediobanca is necessary to delist it and fully integrate into the group.
The prospective bid would maintain the exchange ratio for the acquisition that the boards of MPS and Mediobanca approved in March, before Intesa announced its own offer for MPS in June.
($1 = 0.8957 euros)
Reporting by Valentina Za, Editing by Tomasz Janowski
