Monte dei Paschi intentó frustrar la Oferta de Intesa Sanpaolo adquiriendo Banca Popolare di Milano y Banca Generali, pero falló debido a la falta de apoyo de los accionistas, con Crédit Agricole reportedly uninterested and proxy advisers opposing the plan. Nearly 30% of shareholders refused to back the defence, and internal divisions persist, including the sacking and reinstatement of CEO Luigi Lovaglio and lack of board unity. Despite these setbacks, MPS should not accept a poor offer.
Intesa’s current bid values the bank at €3.8bn in cash plus roughly a fifth of a €130bn entity after cost savings, offering MPS about a 20% improvement over its starting position. However, the bank could argue for a better deal, especially given its 13% stake in insurer Generali and rising merger activity in the sector. While mounting a credible alternative is difficult, Lovaglio can ensure MPS’s assets go to the highest bidder by accepting that independence is unlikely.
The share price remains slightly above Intesa’s offer, indicating investor hope for a higher valuation. Though the era of independence may end, it need not be a bad outcome.
Fuente: Financial Times Companies · Resumido por HeadlinesBriefing