Mediobanca Launches Voluntary Public Exchange Offer for Banca Generali

The Milan Stock Exchange is up 0.6% at 37,572.41, driven by Banca Monte Paschi di Siena's 3.0% gain. Mediobanca launched a voluntary public exchange offer for Banca Generali worth EUR 6.3 billion, to be paid entirely in Assicurazioni Generali shares. The move aims to accelerate Mediobanca's transformation into a European leader in Wealth Management with EUR210 billion in TFA, EUR2 billion in revenues, and over EUR15 billion in new annual assets.

The Milan Stock Exchange (FTSE MIB) closed up 0.6% at 37,572.41 on Friday, April 28, 2025, driven by strong performance from Banca Monte dei Paschi di Siena (BMDPF) and Mediobanca's voluntary public exchange offer for Banca Generali [1].

Banca Monte dei Paschi di Siena (BMDPF) reported a 3.0% gain, with its profit increasing by 16.9% year on year to EUR 1,951 million. Gross operating profit rose by 10.8% year on year, and core revenues increased by 5.7% year on year to EUR 3,821 million. The bank's CET1 ratio improved to 18.2%, positioning it at the top of the banking system. Net dividends proposed amount to EUR 0.86 per share, totaling about EUR 1 billion [3].

Mediobanca launched a voluntary public exchange offer for Banca Generali worth EUR 6.3 billion, to be paid entirely in Assicurazioni Generali shares. The move aims to accelerate Mediobanca's transformation into a European leader in Wealth Management with EUR210 billion in TFA, EUR2 billion in revenues, and over EUR15 billion in new annual assets. The bank announced on Wednesday that it had purchased 97,188 ordinary shares [1].

The FTSE MIB was led by Mediobanca and Pirelli, which gained 4.2% and 3.3%, respectively. Meanwhile, Campari, Inwit, and Terna were at the bottom of the table, losing 1.3%, 0.4%, and 0.3%, respectively. Bernstein raised its target price for Campari to EUR 11.00 from EUR 9.60 with an 'outperform' rating [1].

The European opening was affected by yesterday's poor performance on Wall Street, with US President Donald Trump's continued attacks on Fed Chairman Jerome Powell causing investors to fear that the independence of the US central bank is at risk [2].

The Italian stock market reopened after the Easter break with a decline of about one percentage point, which was, however, affected by the technical effect of the dividend payment for several companies on the main index. The June futures contract on the index, which discounts the dividend effect, was down 0.14% [2].

In Milan, Prysmian (-3.7%), Stellantis (-3.1%), and Iveco (-1.8%) are among the stocks falling sharply today. Other stocks on the FTSE MIB paying dividends include Campari (-0.5%), Ferrari (-1.2%), Mediolanum (-1.7%), and Unicredit (-0.4%). Utilities performed well thanks to their defensive nature, with Hera and ItalGas up by more than one and a half percentage points. Inwit, which announced the launch today of the first tranche of its buyback program of up to €300 million, led the FTSE MIB with a 2.3% rise [2].

Among currencies, the euro fell to USD 1.1347 from USD 1.1360 at the close of European trading on Thursday. The pound also fell to around USD 1.3300 from USD 1.3302 yesterday evening. Among commodities, Brent crude rose to USD 66.40 per barrel from USD 66.12 per barrel at the close of European trading on Thursday. Gold traded higher at USD 3,304.555 per ounce from USD 3,330.00 per ounce yesterday evening [1].

The economic calendar continues at 1900 CEST with the Baker Hughes report from the US.

References:
[1] https://www.marketscreener.com/quote/stock/MEDIOBANCA-S-P-A-69007/news/Milan-best-in-Europe-Mediobanca-leads-the-Mib-49720216/
[2] https://www.marketscreener.com/quote/index/FTSE-MIB-121229431/news/Milan-stock-exchange-down-with-Europe-weighed-by-dividend-payments-Banco-Bpm-down-Inwit-up-49673129/
[3] https://finance.yahoo.com/news/banca-monte-dei-paschi-di-204254309.html