(Reuters) – Italy’s state-backed bank Monte Dei Paschi di Siena (MPS) has launched a surprise 13.3 billion euro ($13.9 billion) takeover offer for Mediobanca (OTC:), he said Friday.
Monte Dei Paschi, which for years was Italy’s banking problem child until a 2017 bailout, said it was offering 23 of its own shares for every 10 shares of Mediobanca tendered, equivalent to a 5% premium. compared to Thursday’s closing price.
($1 = 0.9568 euros)