मonte dei Paschi ने Intesa Sanpaolo के अधिग्रहण प्रस्ताव को विफल करने के लिए Banca Popolare di Milano और Banca Generali अधिग्रहण करने की कोशिश की, लेकिन शेयरधारकों के समर्थन के कमी के कारण विफल। 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.
स्रोत: Financial Times Companies · HeadlinesBriefing द्वारा सारांशित