Finance

Paschi’s €13 Billion Mediobanca Bid Adds Twist to Italian Saga

Surprise offer comes as bank consolidation heats up in Italy
Both lenders count two billionaire investors among top holders

WATCH: The deal “aims to deliver significant profitability levels and to maintain a solid capital position,” Monte Paschi said in a statement. Tommaso Ebhardt reports.Source: Bloomberg

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By Sonia Sirletti, Pamela Barbaglia, Donato Paolo Mancini, and Daniele Lepido

January 24, 2025 at 6:09 AM UTC

Updated on

January 24, 2025 at 10:05 AM UTC

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Banca Monte dei Paschi di Siena SpA made a surprise offer to acquire larger rival Mediobanca SpA in a deal valued at €13.3 billion ($13.9 billion), adding a new twist in a series of takeover attempts that are shaking up Italy’s banking industry.

Mediobanca considers the approach hostile and will likely end up rejecting it, according to a person familiar with the matter. Shares of Mediobanca, the larger of the two lenders by market value, rose as much as 6.9% in Milan trading Friday, while Monte Paschi slumped as much as 10%.