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The Independent UK
The Independent UK
National
Giada Zampano

Italian bank Monte dei Paschi launches 13 billion euro takeover bid for peer Mediobanca

Mediobanca Monte Paschi Euro Monte dei Paschi di Siena UniCredit Banco BPM Delfin
Italy Banks Takeover - (Copyright 2016 The Associated Press. All rights reserved.)

Italian bank Monte dei Paschi di Siena announced Friday it was launching a 13.3 billion euro ($13.9 billion) takeover bid for larger peer Mediobanca in a surprise move that could reshape the country’s banking sector.

The offer values shares in investment bank Mediobanca at 15.99 euros each, a 5% premium on their closing price Thursday.

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