BlackRock Increases Stake in MPS to 5%, Joins Mediobanca in OPAS

Blackrock has increased its stake in Banca Monte dei Paschi di Siena to 5.011% and contested the OPAS on Mediobanca. The US fund accepted the offer from Mediobanca led by Luigi Lovaglio and sold its approximately 5% stake in Piazzetta Cuccia. Mediobanca's general manager, Francesco Saverio Vinci, emphasized the potential benefits of the merger, including joint work to strengthen their respective businesses and a renewed board scheduled for October 28.

Shares of Banca Monte dei Paschi di Siena (BMPS) surged after securing a 62.3% stake in Mediobanca, Italy's leading investment bank Monte dei Paschi stock up on 62% Mediobanca takeover, CEO exit looms^[1]. The acquisition, which was met with resistance initially, has now gained significant traction with the acceptance of the offer by a majority of Mediobanca's shareholders.

The takeover bid, first launched in January, initially faced strong opposition from Mediobanca's leadership. However, BMPS sweetened its offer by increasing the cash component to €0.90 per share and offering a share exchange of 2.533 new shares of BMPS. This revised offer, valued at €16.334 per share, represents an 11.4% premium over the January 2025 share price Mediobanca GM says Monte dei Paschi to reach 80% ownership, merger makes sense^[2].

Blackrock, a major investor, has also played a significant role in the deal. The US fund, which held approximately 5% of Mediobanca's shares, has increased its stake in BMPS to 5.011% and contested the OPAS (Oferta Pubblica di Acquisizione di Società) on Mediobanca. Blackrock accepted the offer from Mediobanca led by Luigi Lovaglio and sold its stake in Piazzetta Cuccia Monte dei Paschi secures 62.3% of Mediobanca shares^[3].

The merger is expected to create a new competitive force in the Italian banking sector, offering a wide range of products and services. Mediobanca's general manager, Francesco Saverio Vinci, emphasized the potential benefits of the merger, including joint work to strengthen their respective businesses and a renewed board scheduled for October 28 Mediobanca GM says Monte dei Paschi to reach 80% ownership, merger makes sense^[2].

The acquisition marks the end of Mediobanca's era as Italy's largest independent publicly traded investment bank and may result in the departure of its CEO, Alberto Nagel. Nagel, who has led the bank since 2008, is expected to step down, along with the rest of the board Monte dei Paschi stock up on 62% Mediobanca takeover, CEO exit looms^[1].

BMPS aims to reach a two-thirds majority by the offer's closing date on September 16. The bank has decided to reopen the acceptance period from September 16 to September 22, with payments for shares tendered during the initial period set for September 15 and the reopened period set for September 29 Monte dei Paschi stock up on 62% Mediobanca takeover, CEO exit looms^[1].